Mt. Gox Starts Refunds in Bitcoin and Bitcoin Cash

Mt. Gox, the bankrupt crypto exchange, announced last month that it would begin issuing Bitcoin repayments in July.

On Friday, Mt. Gox confirmed it has started repaying customers, bringing an end to a nearly decade-long wait for some users.

Once a leading crypto exchange, Mt. Gox handled over 70% of all global bitcoin (BTC) transactions at its peak. The exchange went bankrupt in 2014 following a hack that resulted in the loss of an estimated 740,000 bitcoins.

The news of the repayments has exerted selling pressure on Bitcoin and the broader crypto market, following Mt. Gox's announcement last month of its intention to begin repayments in July. "Mt. Gox moved 47,228 BTC, marking the start of their repayment process and causing some market anxiety due to the potential large sale volume... However, it's important to note that despite these concerns, the long-term impact might be less severe as the market gradually absorbs the selling pressure," said Willy Chuang, COO of crypto exchange WOO X.

Earlier in the day, Bitcoin plunged to $54,000, its lowest level in five months. This sharp decline led to the liquidation of over $580 million in bullish bets.