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$313,090,000 Liquidations Hit Crypto Markets as Bitcoin Hits $59,000 Following Mt. Gox Report
A correction in Bitcoin (BTC) and crypto markets are deepening following the announcement that defunct crypto exchange Mt. Gox is implementing a plan to distribute digital assets worth approximately $9 billion.
According to crypto data aggregator Change machineover $313 million in positions were liquidated in the last 24 hours, primarily from long traders on BTC and Ethereum (ETH).
Mt. Gox was at one point the largest Bitcoin exchange in the world before abruptly going bankrupt and “losing” most of its coins due to theft.
The exchange eventually recovered most of its coins and embarked on a lengthy bankruptcy process to repay its former customers, a significant source of market uncertainty given the potential selling pressure it could release if she sold her BTC to buy off her creditors. .
Now in a statementMt. Gox says BTC and Bitcoin Cash (BCH) refunds will be made starting in early July.
“We have taken the time to ensure safe and reliable repayment to creditors, including technical solutions for safe repayments, compliance with each country’s financial regulations and discussions on repayment terms with cryptocurrency exchanges .
We will begin refunds in the order of the cryptocurrency exchanges with which the Rehab Trustee will complete the exchange and confirm the required information. Please wait a while until refunds are processed.
When the movements of the parts were spotted In May, former Mt. Gox CEO Mark Karpelès also clarified that preparations were being made for distribution that could take place later this year.
“As far as I know, everything is fine with Mt. Gox. The trustee moves the coins to another wallet in preparation for the distribution that will likely take place this year, there is no imminent sale of bitcoins.
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