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- Mt. Gox Trustee Says Some Creditors Have Received Compensation in Bitcoin and Bitcoin Cash, Urges Others To Wait
Mt. Gox Trustee Says Some Creditors Have Received Compensation in Bitcoin and Bitcoin Cash, Urges Others To Wait
A trustee of defunct crypto exchange Mt. Gox says that some of its creditors have received compensation in the form of digital assets.
In a new statement, Mt. Gox trustee Nobuaki Kobayashi says that some Mt. Gox creditors have received Bitcoin (BTC) and Bitcoin Cash (BCH) as reimbursement as a part of the firm’s rehabilitation plan.
However, Kobayashi notes that not all creditors have been settled up with, and that the others will be taken care of once specific conditions are met.
“On July 5,2024, the Rehabilitation Trustee made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors through a part of the Designated Cryptocurrency Exchanges etc. in accordance with the Rehabilitation Plan.
Repayments to other rehabilitation creditors will be promptly made once the following conditions have been met:
(i) confirmation of the validity of registered accounts and other matters;
(ii) acceptance of the intention to subscribe to the Agency Receipt Agreement by Designated Cryptocurrency Exchanges etc.;
(iii) completion of discussions between the Rehabilitation Trustee and Designated Cryptocurrency Exchanges etc. regarding repayments; and
(iv) confirmation that repayments can be made safely and securely. We ask eligible rehabilitation creditors to wait for a while.”
Mt. Gox was the world’s largest BTC exchange in the early 2010s before it went bankrupt and lost most of its tokens due to theft.
Earlier this month, crypto asset management firm CoinShares released a report saying that most Mt. Gox creditors will likely hold on to their BTC and when they do sell, they’ll likely do so spread out over many crypto exchanges, giving other traders the opportunity to counter the downward price pressure created by their sales.
“The distributions will occur on a number of exchanges (Bitstamp, Kraken, Bitbank, BitGo, SBI VC Trade and others) at different dates throughout the month, softening the likelihood of large concurrent selling.”
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Featured Image: Shutterstock/Natalia Siiatovskaia