Mt. Gox, one of the earliest Bitcoin exchanges with approximately $9 billion worth of Bitcoins in its possession, has initiated the procedure for returning funds to its creditors. On April 22, some affected parties reportedly began receiving notifications regarding their claims.
Mt. Gox Creditors Receive Updates Over their Bitcoin Holdings
Creditors of Mt. Gox have been provided with updates containing details like the quantity of Bitcoins to be restored and the scheduled repayment dates. According to Brian Dixon, CEO of Off the Chain Capital, the company that acquired Mt. Gox’s claims, this is the information included in the communications they have received.
It’s a positive indication when when we encounter a new development like this regarding repayment status, as it has not happened before.
Despite being informed about the repayment dates for the tokens, Adam Back, the CEO of Blockstream, has yet to reveal those dates publicly.
Mt. Gox, the world’s leading Bitcoin exchange based in Tokyo, experienced a hack in 2011, which eventually led to its bankruptcy filing in 2014. US prosecutors charged two Russians with collaborating with others to penetrate the exchange’s servers the year prior to the collapse.
Based on information from Arkham Intelligence, the now-defunct Mt. Gox platform is estimated to still have around 137,892 Bitcoins, currently worth about $9.2 billion. Historical records suggest that Mt. Gox previously held Bitcoin Cash and fiat currency as well. Some of the fiat money has already been returned.
Creditors To Receive Payments By October 31
As the liquidation of Mt. Gox continues, the trustee announced that creditors can expect to receive their intermediate or full repayments by October 31st of this year. Notably, it’s been several years since the Mt. Gox hack took place. Users affected by the incident have been looking forward to compensation since 2014 when the platform was attacked.
A question that has been pondered for some time now is if these creditors will choose to cash out their Bitcoins once they receive them. Such a move could increase the supply of Bitcoins for sale and put pressure on the price. However, it’s highly unlikely that all creditors would sell their Bitcoins simultaneously.
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2024-04-23 07:29