Tokyo, Japan – Mt. Gox unveiled on Friday that it has initiated the process of repaying customers, marking the end of a nearly decade-long waiting period for some individuals to reclaim their cryptocurrency holdings. As one of the leading crypto exchanges globally at one point, Mt. Gox oversaw more than 70% of bitcoin transactions in its early stages before facing financial collapse.

The exchange’s downfall came in the aftermath of a hack in early 2014, resulting in the disappearance of an estimated 740,000 bitcoin. This significant loss had a profound impact on the cryptocurrency market at the time, with repercussions still being felt years later.

Following Mt. Gox’s announcement of its repayment plans in July, the news brought about downward pressure on bitcoin and the broader crypto market. Concerns arose over the potential sell-off of a large amount of bitcoin by Mt. Gox, prompting speculation about the impact this could have on prices.

“Mt. Gox moving 47,228 BTC to kickstart the repayment process has stirred some fear in the market due to the sizable potential sell-off. However, it’s important to recognize that despite these concerns, the market may gradually adjust to absorb the selling pressure,” noted Willy Chuang, the COO of crypto exchange WOO X.

As the repayments continue, analysts and market observers will be closely monitoring the situation to gauge the long-term repercussions of Mt. Gox’s actions. The evolution of the crypto market in response to these developments will shed light on the resilience and adaptability of digital assets in the face of challenges.