Mt. Gox to begin Bitcoin repayments to creditors in July 2024 spooking market


Mt.
Gox,
the
bankrupt
Japanese
crypto
exchange,
will
repay
creditors’

Bitcoin
and

Bitcoin
Cash
assets
starting
July
2024.
Following
the
announcement,
the
market
sold
off,
with
Bitcoin

dipping
below
$61,000.

In
a
June
24
statement,
the
exchange’s
Rehabilitation
Trustee,
Nobuaki
Kobayashi,

wrote:

“The
Rehabilitation
Trustee
will
commence
the
repayments
in
Bitcoin
and
Bitcoin
Cash
in
due
course
to
the
cryptocurrency
exchanges
with
which
the
Rehabilitation
Trustee
has
completed
the
exchange
and
confirmation
of
the
required
information
for
implementing
the
repayments.”

The
firm
is
set
to
refund
142,000
BTC
and
143,000
BCH
to
creditors,
amounting
to
over
$8
billion.

Further,
the
trustee
assured
that
the
defunct
exchange
had
“taken
time
to
ensure
safe
and
reliable
repayment
to
creditors,
including
technical
remedies
for
safe
repayments,
compliance
with
financial
regulations
in
each
country,
and
discussion
of
repayment
arrangements
with
the
cryptocurrency
exchanges.”

Consequently,
it
urged
users
of
the
failed
crypto
platform
to
“please
wait
for
a
while
until
the
repayments
are
made.”

How To Get Free Crypto  

This
news
is
a
promising
development
for
creditors
of
the
defunct
Mt.
Gox
exchange,
who
have
waited
nearly
a
decade
for
their
assets.
In
2014,
Mt.
Gox
suffered
a
massive
hack
resulting
in
the
loss
of
850,000
Bitcoin—valued
at
over
$57
billion
today.
Following
the
hack,
Mt.
Gox
filed
for
bankruptcy
and
began
rehabilitation
proceedings
in
2018
to
compensate
creditors.

Since
then,
the
process
has
been
marred
by

legal
issues,
creating
prolonged
uncertainty
for
users
about
the
recovery
of
their
funds.

However,
things
began
to
change
last
year
after
the
firm

issued
some
repayments,
with
reports
indicating
that
certain
creditors
received
double
payments.

Meanwhile,
speculations
about
the

Bitcoin
repayment
began
last
month
after
crypto
community
members
observed
the
movement
of
assets
held
by
the
Rehabilitation
Trustee
for
the
first
time
in
five
years.
At
the
time,
the
trustee

debunked
rumors
that
it
was
divesting
its
substantial
Bitcoin
holdings
of
around
140,000
BTC,
valued
at
$9
billion.
Instead,
it
assured
that
the
transactions
were
part
of
its
preparations
to
repay
creditors.

Mentioned
in
this
article

Go to Source
Author: Oluwapelumi Adejumo


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.