The bankrupt Bitcoin exchange Mt.Gox announced on Monday (24th) that it will start repaying creditors in the form of Bitcoin (BTC) and Bitcoin Cash (BCH) starting in early July 2024.
According to the announcement from Mt.Gox, the trustee has been preparing for repayment in the form of BTC and BCH according to the reorganization plan, and now these preparations have been properly arranged. After completing the necessary information exchange and confirmation with relevant exchanges, Mt.Gox will timely begin the repayment, “repayments will start in early July 2024.”
Possibly influenced by this news, BTC and BCH prices experienced a drop of around 3% and 7% respectively in a short period of time. As of the deadline, the trading prices of BTC and BCH were $61,380 and $354 respectively.
According to Zombit’s previous report, a large amount of Bitcoin was transferred out of the chain address marked as Mt.Gox at the end of May, and later the official confirmation in a public letter stated that these on-chain transactions were preparations for repaying creditors on October 31st. According to data compiled by the on-chain information platform Arkham, Mt.Gox’s wallet holds approximately 141,000 bitcoins (worth $8.72 billion).
If Mt.Gox creditors choose to sell Bitcoin after receiving the repayment, it will be a major test of the market’s ability to absorb large orders. The cryptocurrency market research company Kaiko Research previously analyzed that the market depth of BTC and BCH has returned to the level before the collapse of the FTX exchange. If selling occurs in the short term, market depth may help alleviate potential price fluctuations.
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