Bitcoin prices plunged overnight after now-defunct Bitcoin exchange Mt. Gox said it would begin distributing assets stolen from clients in a 2014 hack starting in July, after years of postponed deadlines.
“The Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan,” trustee Nobuaki Kobayashi said in a statement posted on the Mt. Gox website today.
“The repayments will be made from the beginning of July 2024,” Kobayashi added, noting due diligence and safety steps are still required.
The statement sent BTC down to a $60,000 handle as market participants fear the release – after ten years – of the proceeds will lead to an imminent sell-off in BTC and BCH…
Source: Bloomberg
www.zerohedge.com/crypto/bitcoin-crashes-below-61000-ahead-imminent-mtgox-repayments