Top lender Mt.Gox decided to receive a refund in bitcoin

The largest creditor of the bankrupt crypto exchange Mt.Gox made a choice in favor of early payment in bitcoin. It is reported by Bloomberg, citing its own source.

According to him, the Mt Gox Investment Fund decided not to wait for the end of the litigation around the platform, which could take up to nine years. The structure will receive 90% of the amount due to it by the end of September 2023.

In the long run, payments could bring a higher percentage of reimbursement.

The agency noted that the fund’s choice of payment in cryptocurrency reduces fears of its sale, which would put pressure on the price.

The exchange’s creditors have until March 10 to decide in what form they agree to receive compensation.

Once the largest bitcoin exchange, Mt.Gox, crashed in early 2014. This happened after information appeared about her alleged hack and theft of 800,000 BTC ($480 million at the time).

The process of reimbursement of funds to creditors was launched in 2018. Since then, many in the community have expressed fears that around 150,000 BTC (~$3.6 billion at the time of writing) that will potentially be transferred to users of the exchange will enter the market and cause it to collapse.

Mt.Gox Trustee Nobuyaki Kobayashi began preparations for compensation in July 2022.


Comments (No)

Leave a Reply