Mt. Gox, the exchange that suffered a massive hack in 2014, will soon begin repaying users who lost their assets in the attack. The repayment process is set to start in July, according to the trustee Nobuaki Kobayashi. Users who were affected by the hack will finally get back some of their stolen bitcoins, which were worth millions of dollars at the time.
This news comes after years of waiting for the affected users, who have been eagerly anticipating the return of their lost funds. Mt. Gox, once a major player in the world of Bitcoin exchanges, fell from grace due to the security breaches that led to the loss of over 800,000 bitcoins.
The repayment of 140,000 bitcoins, valued at around $15 billion today, marks a significant milestone in the Mt. Gox saga. The value of Bitcoin has skyrocketed since the hack occurred, with the price of a single coin reaching heights of over $60,000. The return of such a large amount of bitcoins to the market is expected to impact the price of the cryptocurrency, causing it to dip in the short term.
Traders are keeping a close eye on the situation, as they anticipate that creditors receiving their funds will sell off a portion of their bitcoins to take advantage of the current high prices. This selling pressure could lead to a sharp drop in the price of Bitcoin in the coming weeks.
Overall, the long-awaited repayment process for Mt. Gox users is finally set to begin, bringing some closure to a dark chapter in the history of cryptocurrency exchanges. While the return of stolen bitcoins will impact the market in the short term, it also represents a step towards healing for those who lost their assets in the hack.