A ray of hope has reportedly emerged for those impacted by the exchange’s notorious hack more than ten years ago: bitcoin exchange Mt. Gox has reportedly started paying back its users.
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Three months ago, the Mt. Gox trustee verified the repayment eligibility process for qualified clients, and as of right now, users are witnessing actual payments being made. Concerns have been raised regarding the repayment process’ possible effects on the Bitcoin market, though.
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Mt. Gox Users Get Payments Amid Ongoing Challenges
Due to the trustee adding precise sums and deadlines to their claim accounts, Reddit users have reported receiving payments from Mt. Gox.
Some users complained about unsuccessful transfers and past-due deadlines, while others were happy with the repayment procedure and the lack of fees.
The trustee has been updating the redemption tables on a regular basis to give transparency on progress, as can be seen in the image below. Customers and users of the now-defunct exchange are still worried about the costs associated with the redemption process, though.
As seen in the picture, BTC and Bitcoin Cash payments are still pending; the payments that have been made thus far have only been cash redemptions. The prices of both cryptocurrencies are predicted to rise if users choose to sell the tokens they were given.
200,000 BTC Set for Release and Bitcoin Price Forecast
Since the hack that caused the loss of 809,000 BTC occurred more than ten years ago, the distribution of 200,000 BTC to users may have an effect on the price of cryptocurrencies.
To make matters more complicated, Mt. Gox still possesses 69 billion Japanese yen and 143,000 BCH. The possibility of users holding onto their Bitcoin for years selling it could put a dent in the cryptocurrency’s bull market sentiment and the current price increase.
It has emerged that users are receiving payment in Circle’s USDC stablecoin, even though the precise amount of cash refunded has not been made public. As a result, Mt. Gox users who asked to be paid in Bitcoin Cash or Bitcoins remain important market participants and could have a big impact on the state of the market right now.
Crucial elements influencing the long-term impacts on Bitcoin’s price are the repayment schedule and users’ holding and selling tactics for Bitcoin Cash and BTC.
At $65,900, BTC is currently trading, indicating a 1.9% increase over the previous day. The $60,000 barrier has become a critical point for bulls in bitcoin who want to build a solid consolidation above this level.
Conversely, Bitcoin Cash (BCH) is currently trading at $510, up 2.1% in the last day and a remarkable 8.5% gain in the last month.
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