Bitcoin Cash

2024

Bitcoin

The <a href="https://news.todayq.com/mt-gox-unveils-truth-behind-140k-bitcoin-transfer/" rel="noopener noreferrer nofollow">defunct crypto exchange</a> Mt. Gox on Monday revealed that it will begin distributing assets stolen from clients during a 2014 hack. The process will start in the first week of July. This mega moment comes in after years of delays and shifting deadlines. Mt. Gox drops big news 
As per the note, trustee Nobuaki Kobayashi stated “The Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan.” He added that due diligence and certain safety steps will be necessary before the payments proceed.
The repayments are expected to introduce selling pressure to the market, particularly Bitcoin. Early investors will receive assets at a much higher value than their original investments. It prompted many to sell at least part of their holdings.
The hacked platform was once the world’s leading crypto exchange which managed over 70% of all Bitcoin transactions. Hackers breached the exchange in early 2014 resulting in the loss of approx 740,000 Bitcoin, valued at around $15 billion today. This hack was the largest of several attacks on the exchange between 2010 and 2013. What’s the plan? 
As per reports, Mt. Gox’s trustees made a repayment plan that has been in progress for several years. However, it was given an October 2024 deadline by a Tokyo court last year.&nbsp;
In May, the exchange moved over 140K BTC (approx worth $9 billion) from cold wallets to an unknown address. This marked the first on-chain wallet movement in five years.
Following the announcement from Mt. Gox, Bitcoin prices dipped below the $62,000 level. BTC is down by around 12% in the last 30 days. The biggest crypto is trading at an average price of $61,301, at the press time. However, it is still up by 45% on the YTD with a market cap of $1.2 trillion.
Bitcoin’s price trajectory has been volatile this month. After surging to nearly $70,000, approaching its all-time high from March, it has now retreated to $63,000. This decline has decoupled Bitcoin from the Nasdaq’s continued rise, driven by accelerated selling by miners.
Markus Thielen, founder of 10x Research, commented, “Technically, Bitcoin appears to follow a double top formation, whereas the support level is being tested. This chart formation should be our base case unless it becomes invalidated. This formation could easily see a drop to $50,000—if not $45,000.”

Mt. Gox set to repay 2014 Bitcoin hack victims, BTC dips to $61K

Todayq News

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