MtGox to Distribute $9 Billion Worth of Bitcoin and Bitcoin Cash to Creditors, Sending Crypto Market into Turmoil

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Cointime2024/06/25 00:10

By:Cointime

Bitcoin has fallen below $60,000 for the first time since May as the MtGox exchange plans to distribute $9 billion worth of the cryptocurrency and $50 million of bitcoin cash to its creditors. The Tokyo-based platform shut down in 2014 after a series of hacks, leaving thousands of creditors stranded. Two Russian nationals have been charged with conspiring to launder around 647,000 bitcoins from the exchange. The payouts are expected to cause stress in the market, but some investors see it as an opportunity to "buy the dip". However, the potential impact may be overestimated as most early investors have already sold their claims in the secondary claims market.

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