Mt. Gox Creditors to Receive 90% of Funds in Bitcoin!
• Mt. Gox’s two largest creditors have elected to receive 90% of their funds owed in a single payment in Bitcoin (BTC).
• This early lump sum payment is scheduled for September 2023, and will avoid any potential market impact from a large-scale Bitcoin sell-off.
• Creditors can opt to receive their payment in a mix of BTC, bitcoin cash (BCH), and yen, or they can ask for the entire amount to be given in fiat.
Mt. Gox Creditors Opt For Early Payment In Bitcoin
Two Biggest Creditors Choose Early Lump Sum Payment
The two biggest creditors of Mt. Gox, the now-defunct cryptocurrency exchange that got hacked in 2014 — leading to the loss of 850,000 BTC — have chosen an early lump sum payment option that will not require a selloff of their Bitcoin holdings. The payment is scheduled for September 2023.
90% Of Funds Owed To Be Paid In Cryptocurrency
According to sources, the two largest creditors of Mt. Gox will receive 90% of their recoverable funds, which are estimated to be around 21% of their original holdings on the platform at the time of the hack, as payment in mostly bitcoin (BTC). They may also opt to receive part or all of their payout in bitcoin cash (BCH) and yen.
Avoiding Market Impact From Large Sell-Off
By choosing this early payout option, creditors are able to receive their payments sooner and avoid any potential market impact that could result from a large-scale Bitcoin sell-off associated with waiting for all Mt. Gox litigation to settle—which could take another 5-9 years according to sources.
History Of The Collapse Of Mt. Gox
In 2014 hackers stole 850,000 BTC from Mt. Gox worth $460 million at the time leaving it with roughly 142,000 BTC 143 000 BCH and 69 billion Japanese yen left behind after its collapse due to a hack nearly a decade ago .
Creditors who choose the lump sum option offered by MtGox can elect to receive their payment either partially or entirely in cryptocurrency or fiat currency depending on what suits them best while avoiding any potential market impacts resulting from large scale Bitcoin selloffs which could potentially occur if they decided not accept this offer