Mt. Gox, once the world’s leading cryptocurrency exchange, announced on Friday that it has commenced repayments to its customers in Bitcoin and Bitcoin Cash, concluding a nearly 10-year wait for many to recover their lost crypto. In its prime, Mt. Gox managed over 70% of all Bitcoin transactions. However, the exchange declared bankruptcy in early 2014 following a massive hack that resulted in the loss of approximately 740,000 Bitcoin.

The long-awaited repayments have created significant selling pressure on Bitcoin and the broader crypto market. Mt. Gox had previously announced in June that repayments would begin in July, leading to heightened market volatility. The news has exacerbated this instability, causing Bitcoin’s price to drop to $54,000, its lowest in five months. This steep decline resulted in over $580 million in bullish bets being liquidated as investors reacted to the influx of Bitcoin and Bitcoin Cash into the market.

The repayment process is a pivotal moment in cryptocurrency history, marking the end of a prolonged saga for former Mt. Gox users. However, the immediate impact on the market highlights the lingering effects of the exchange’s collapse and the complexities involved in large-scale asset restitution within the crypto ecosystem.

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