Mt. Gox creditors fail to set repayment date, but markets to remain unaffected
While a Bitcoin price dip may not be on the cards anytime soon, intriguing new details regarding the Mt. Gox saga have continued to emerge over the past week. Eight years ago, in 2014, the crypto world was rocked by the crippling hack of Mt. Gox, a popular Bitcoin (BTC) exchange, which was forced to shut down after miscreants were able to make away with approximately 850,000 BTC, worth more than $16 billion at today’s exchange rates. At the time of the incident, the Tokyo-based exchange was the world’s largest cryptocurrency trading ecosystem, processing over 70% of the crypto market’s....
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After nearly three years of uncertainty, FTX, once a dominant player in the cryptocurrency exchange arena, is set to initiate the repayment process for its Bahamas-based creditors on February 18. This long-awaited move comes in the wake of the exchange’s filing for bankruptcy in November 2022, following a severe liquidity crisis that led to its […]
The Restriction Reference Period is one of the final steps in repaying creditors, according to the document released Wednesday. Mt. Gox trustee Nobuaki Kobayashi released updated information on Wednesday regarding the rehabilitation plan for creditors of the long-defunct crypto exchange. According to the file, the restriction reference period starts on September 15. During the phase, "the assignment, transfer or succession, provision as collateral, or disposition by other means of rehabilitation claims are prohibited."Kobayashi confirmed that creditors have until September 15 to submit....
On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors.
Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown
Last week speculation and rumors concerning the release of 140K bitcoin (BTC) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “fake news.” During that same period....
The Mt. Gox rehabilitation trustee asked creditors to choose between bitcoin, cash or Bitcoin Cash to receive repayment, risking pressuring the market further.
The FTX crypto exchange going down will forever be remembered as a dark day in crypto. But props to the company for finally starting to repay creditors. It went through with its first round of repayments on February 18, where it paid out the ‘Convenience Class,’ i.e., investors who lost up to $50K. The next FTX repayment distribution will happen on May 30. In addition to the company’s trading partners and vendors, this round will address investors who had assets on the exchange when it went under. It’s worth noting, however, that in order to qualify for this round....