Mt. Gox, the infamous Bitcoin exchange that experienced a major incident, is finally starting the process of refunding Bitcoin and Bitcoin Cash (BCH) to its users. The board of trustees of Mt. Gox announced that the refunds would begin in July. In preparation for this, the exchange recently conducted test transfers of small amounts of BTC to various wallets.
It remains unclear whether these test transfers were solely for operational purposes or if there is another reason behind them. However, it is known that Mt. Gox will not be making refunds directly to Bitcoin owners. Instead, the trustees will send the BTC/BCH to five different exchanges: Kraken, Bitstamp, SBI VC Trade, Bitbank, and Bitgo. These exchanges will then distribute the funds to the customers within a period of up to 90 days.
The anticipation of the Mt. Gox refunds has put selling pressure on Bitcoin, causing its price to drop by over 18% in the last month. Today, it fell below $57,000 for the first time since May. Currently, Bitcoin is being traded at $56,955.
It is worth noting that Mt. Gox still holds a significant amount of Bitcoins in its wallet, totaling 141,687K, which is valued at $8 billion at current prices.
Please note that this article does not provide investment advice.
