Mt. Gox said Friday it has begun refunding customers, ending a nearly 10-year wait for some users to get their crypto back.
The now-defunct crypto exchange was once the largest crypto exchange in the world, processing more than 70% of all bitcoin (BTC) transactions in its early years.
The exchange went bankrupt after a hack in early 2014, resulting in the loss of an estimated 740,000 bitcoin.
News of the refunds added selling pressure to Bitcoin and the broader crypto market after Mt. Gox announced last month that it plans to begin refunds in July.
“Mt. Gox moved 47,228 BTC, signaling the start of their redemption process, which has caused some fear in the market due to the large potential sell-off… However, it is worth noting that despite these concerns, the long-term impact may be less severe as the market gradually absorbs the selling pressure,” said Willy Chuang, COO of crypto exchange WOO X.
UPDATE (July 5, 06:40 UTC): Adds additional information and market background.
UPDATE (July 5, 07:00 UTC): Adds analyst comments and bullet points.