Mt. Gox to Repay Bitcoin Investors; Kennedy Seeks Pardon for Silk Road Founder
Summary:
Bankrupt cryptocurrency exchange Mt. Gox is set to reimburse Bitcoin and Bitcoin Cash investors from July 2024, affecting around 127,000 creditors. Simultaneously, Bitcoin's value has fallen, with 'whale' transactions witnessing a 42% drop in two days. In political developments, US presidential candidate Robert F. Kennedy Jr. seeks a presidential pardon for Silk Road founder Ross Ulbricht.
The bankrupted cryptocurrency platform, Mt. Gox, has revealed plans to start reimbursing Bitcoin and Bitcoin Cash associates. Concurrently, Bitcoin's value has recently decreased with a reduction in whale transactions, hitting a 40-day low. Additionally, Robert Kennedy has expressed his support in granting clemency to Ross Ulbricht, founder of Silk Road.
Mt. Gox, the infamous crypto exchange that mislaid 850,000 Bitcoin from investors in 2024, is ready to begin repaying the affected members. The platform's rehabilitation trustee will initiate Bitcoin (BTC) and Bitcoin Cash (BCH) refunds from July 2024, according to a statement issued by the exchange on June 24.
The settlement, which involves more than $9.4 billion worth of Bitcoin, will benefit roughly 127,000 creditors of Mt. Gox who have anticipated fund recovery for over a decade since the platform's failure in 2014 from numerous unnoticed security breaches. Over this 10-year period, investors have been closely following any updates on reimbursements.
Significant activity on May 28 revealed that Mt. Gox moved 141,686 BTC equivalent to $9.62 billion into a new wallet, the first time in over five years funds have been moved from the insolvent exchange.
Concurrent with Mt. Gox's announcement, Bitcoin's price dipped below $63,000 as whale transaction activity fell by 42% over two days. There were 9,923 reported Bitcoin transactions of $100,000 USD or more recorded over these two days, showing a significant decline from the 17,091 transactions reported previously.
The shift in whale conduct occurred as Bitcoin's price fell further to $62,856, witnessing a drop of 2.92% in the last 24 hours. The reduction in the Crypto Fear and Greed Index, along with a consistent withdrawal from the spot Bitcoin exchange-traded funds (ETF) suggests an imminent bearish trend for Bitcoin.
In an unexpected twist, Robert F. Kennedy Jr (RFK Jr.), a presidential candidate, argues that Ross Ulbricht, the founder of the Silk Road darknet marketplace, has served sufficient time for his crimes and should now be released. If victorious in his presidency bid, RFK Jr. promises to pardon Ulbricht. Meanwhile, Kennedy is mobilizing public support for Ulbricht's release and he has also penned an article noting the exclusionary practices of incumbent Joe Biden and former president Donald Trump in cooperation with CNN, in relation to upcoming presidential debates.
Published At
6/24/2024 3:38:08 PM
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