Mt. Gox shook the crypto world as it started distributing bitcoin to its creditors. This event brings an end to their nearly decade-long wait. The defunct exchange began repayments in July, following the strategy it outlined last month.
The Tokyo exchange used to account for 70% of worldwide bitcoin trading volume. Founded in 2010 to trade gaming cards, it shifted to Bitcoin. This led to a meteoric rise under Mark Karpelès following Jed McCaleb's first launch. However, security weaknesses resulted in repeated attacks between 2011 and 2013, reducing user trust and liquidity.
In 2014, Mt. Gox halted all operations. At that moment, they were attacked and lost 744,408 bitcoins, worth around $350M then. Subsequent bankruptcy and years of legal battles ensued.
Now, the exchange's decision to release funds gives closure to its former consumers and has an impact on Bitcoin's present market, as selling pressures increase. Bitcoin is hovering around the $54,000 level as this chapter in cryptocurrency history comes to a close.
