Bitcoin drops as Mt.Gox starts reimbursing victims of 2014 hack

5th Jul 2024 15:59

(Sharecast News) - Bitcoin prices were attempting to clamber back following a sharp drop overnight after Mt.Gox began repaying some of the investors whose accounts were hacked in 2014.

The failed crypto exchange had announced during the previous month its intention to begin repayments and on Friday said that it had begun to do so to some of the rehabilitation creditors.

As many as 950,000 Bitcoin were hacked on that occasion and now Mt.Gox was expected to reimburse claimants with around $9bn-worth of tokens.

Many victims of the hack were expected to sell in order to cash in on the stellar run in Bitcoin prices over the past 10 years.

Also on Friday, it was reported that German police had moved about $75m-worth of Bitcoin that were confiscated from a piracy website, a possible prelude to a sale.

In January, German police had confiscated $2.17bn in Bitcoin linked to that website, which had run until 2013.

As of 1543 BST, Bitcoin was down by 3.22% at $55,490.60, having earlier fallen to $53,717.38.