Mt.Gox will begin paying compensation in July. BTC price fell below $62,000

Trustee of the Mt.Gox exchange that went bankrupt in 2014 reported about plans to begin paying compensation in Bitcoin, Bitcoin Cash and cash in early July.

The decision was made against the backdrop of the completion of the preparatory process – providing technical support, complying with the rules in each country and coordinating transfers with each crypto exchange.

Payments will begin on a first-come, first-served basis to platforms that have confirmed the required information.

The market reacted nervously to the publication of the news. Bitcoin, with increased volumes, fell through the level of $62,000. In 15 minutes, the decrease exceeded 2.5%.

The decline in the value of digital gold led to a fall in the prices of other cryptocurrencies. Hourly rates ranged from 1.7% to 3.4%, according to CoinGecko.

In May 2024, Mt.Gox began actively moving bitcoins for the first time in five years.

In January, the exchange confirmed the addresses of creditors for compensation. In April, some platform clients reported receiving payments in fiat.

Mt.Gox is expected to distribute assets by October 31, 2024.

K33 Research experts came to the conclusion that the prospect of a sell-off of bitcoins on the exchange could “scare the market” and put pressure on the price.

Let us remind you that the civil rehabilitation process for Mt.Gox users started in June 2018. In 2021, a Tokyo court approved the platform’s compensation plan.

The trustee submitted a proposal for reimbursement in December 2020. Details of the plan became known in January 2021, and in February the court approved it for a subsequent vote.

It started on May 31 and ended on October 20. The refund initiative was supported by about 83% of exchange users.