[NEWS] Mt. Gox to start paying out Bitcoin and Bitcoin Cash from early July

Mt. Gox, a cryptocurrency exchange that went bankrupt in 2014, announced on the 24th that it will begin paying out Bitcoin (BTC) and Bitcoin Cash (BCH) from July.

According to lawyer Nobuaki Kobayashi, the rehabilitation trustee, preparations for the payment of Bitcoin and Bitcoin Cash are in sight. Payments will begin one after another from each cryptocurrency exchange that has completed the information exchange and confirmation required for payment.

Mt. Gox holds 141,686 BTC of Bitcoin and 142,846 BCH of Bitcoin Cash. Creditors will finally get their assets back about 10 years after the bankruptcy in 2014.

At the time of writing, the 141,686 BTC is worth 1.38 trillion yen. As a result, there were some movements in the market wary of increased selling pressure.

Bitcoin temporarily fell below $60,000 (approx. JPY 9.56 million) to around $59,000 (approx. JPY 9.4 million). Altcoins also fell across the board, and the cryptocurrency market appears to be in a downward trend across the board.

On the other hand, the price of Bitcoin rose significantly in the period leading up to repayment, so it is believed that there are a certain number of creditors who will continue to hold on to their holdings, and some believe that there will be less selling pressure than expected.

Reference: Announcement
Image: Shutterstock

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