Mt.Gox is starting to pay off its creditors! Involving payment of funds in BTC and BCH
This site (120btc.coM): This bankrupt exchange has started to repay its debts to creditors according to the repayment plan through the designated cryptocurrency exchange.
Mt.Gox, once the world’s largest cryptocurrency exchange, is struggling to repay its creditors after collapsing in 2014. The repayment process begins on July 5, 2024, and involves the payment of funds in Bitcoin (BTC) and Bitcoin Cash (BCH). This represents an important milestone in the exchange's long-term bankruptcy proceedings, but at the same time, there are still US$7 billion of Bitcoins in cold wallets waiting to be distributed, making the overall market sentiment quite low, and they are worried that creditors who receive Bitcoins will use them in the market. A large number of sales have caused the price of Bitcoin to continue to fall.
Mt.Gox is beginning to repay creditors
The first batch of repayments is being paid to certain creditors according to the repayment plan through designated cryptocurrency exchanges. An official document circulating (because the link to the official website has expired) outlines the repayment process and conditions.
"On July 5, 2024, the repayment trustee repaid some creditors in Bitcoin and Bitcoin Cash through some designated cryptocurrency exchanges according to the repayment plan," the document reads. .
Conditions for future repayments of Mt. Gox
For remaining creditors, repayments will be "immediately carried out" after certain conditions are met. These conditions include:
Account Verification: Confirm the validity of the creditor’s account to ensure payment is made to a legitimate entity.
Acceptance of Terms: The creditor must accept the intent of the Agency Receipt Agreement provided by the designated cryptocurrency exchange.
Security Guarantee: Ensure all transactions are conducted securely to prevent potential fraud or misuse of funds.
Complete the process: Complete the discussion between the repayment trustee and the exchange on the repayment process to streamline the process.
Mt. Gox starting to repay its debt is a positive development for its long-suffering creditors, but it may be a painful process for the crypto trading market.
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