After nearly 10 years of waiting, Mt. Gox repayments are set for 2024! For the first time since the exchange was hacked in 2014, it officially pressed the button for Bitcoin (and Bitcoin Cash) payments and moved more than 47,000 Bitcoins overnight.

The BTCs, worth more than $2.7 billion, were sent to an unknown address. The exchange then sent 44,500 of the 47,000 BTC to a new address and 2700 of them back to Mt. Gox address. Finally, 1544 Bitcoins (about $85 million) were transferred to the hot wallet of Bitbank, with which the exchange had an agreement for distribution.

These transfers, which took place within a few hours of the exchange, brought huge drops in Bitcoin and altcoins. Bitcoin fell sharply, dipping below $54,000 at around 08:00 GMT and hitting a price of $53,200.

The meltdown in altcoins has also reached serious levels. Many altcoins have returned to 2020 levels and some to bear season levels in 2023. The total value of TOTAL 3, one of the charts followed for altcoins, has dropped to $510 billion. The figure was as high as $788 billion in March.

Mt. Gox holds more than 140,000 Bitcoin (and the same number of Bitcoin Cash).