Some creditors are receiving compensation one after another. How will this "windfall" be dealt with? More than half of the people chose...

Author: Nancy, PANews

The much-anticipated compensation work for Mt. Gox Mentougou has begun. Some creditors have received compensation one after another. The handling of this "windfall" has become a topic of concern to the outside world.

More than half of creditors have been compensated, and there are still over 140,000 Bitcoins to be distributed

“After more than ten years, I wasn’t sure if this would actually happen, but we finally did it! It’s been a long journey Journey, and I’m happy to see that we are finally getting closer to our goal, with only a little more to go..." Mark Karpelès, former CEO of Mt. Gox, wrote in a post earlier this month.

After entering July, Mt. Gox has begun to repay creditors in the form of BTC and BCH. However, according to the custodian documents, the payment time of different crypto exchanges is different. Kraken’s payment time may take 90 days, Bitstamp may take 60 days, BitGo will show payment within 20 days, and SBI VC Trade and Bitbank will show payment within 20 days. Payments are made within 14 days, so Mt. Gox creditors may have to wait up to three months to receive BTC or BCH. According to a voting survey launched on Reddit, among these custody exchanges, Kraken is the main choice of creditors, receiving 64.7% of the participants’ votes.

Currently, some custodians have received compensation funds from creditors. For example, after Japanese crypto exchange Bitbank received the Bitcoin compensation, it transferred the Bitcoins paid by Mt. Gox to creditors within hours without waiting for 14 days; Kraken also recently issued a notice stating that the platform had successfully received Creditor funds (BTC and BCH) from the Mt. Gox custodian. While Kraken will distribute these funds as quickly as possible, it is expected to take 7-14 days for the funds to be credited to creditors. The amount creditors will receive is determined by the custodian, and Kraken will distribute according to its instructions.

According to a recent notice issued by Mt. Gox trustee Nobuaki Kobayashi, as of July 16, the trustee has repaid BTC and BCH to more than 13,000 creditors, which is more than half of the approximately 24,000 creditors previously disclosed. CryptoQuant analyst Maartunn also recently published a document revealing that 36% of Mt. Gox’s Bitcoins have been distributed to creditors. As of July 17, the custodian still holds 140,000 BTC, which will be gradually distributed in the future.

For other creditors who have not received compensation, Nobuaki Kobayashi also recently reminded that these creditors need to confirm the validity of the account, the exchange’s intention to accept the agreement, complete the discussion between the custodian and the exchange, and confirm that the repayment can be carried out safely.

<em><span style="font-size: 14px;">某债权人在Reddit上反映账户出现未经授权的登录尝试</span></em>

However, multiple Mt. Gox creditors have reported a large number of unauthorized login attempts to their accounts recently, which they revealed on the Mt. Gox website in the Mt. Gox creditors subreddit "r/mtgoxinsolvency" on the Reddit platform Problems encountered when logging in, the screenshot shows that there were a large number of unauthorized login attempts on his account. Some users worry that this may be a "violent" attack on Mt. Gox's creditors, but others believe that it may just be a website glitch. After the relevant incident, the Mt. Gox website has entered maintenance mode. "Thank you for your patience. Please check back later," the email read.

Under the high yield of passive lock-up, creditors discuss why to dispose of assets

With the launch of Mt. Gox’s compensation plan of up to 9 billion US dollars, the market is also worried about the inflow of huge amounts of Bitcoin. However, CryptoQuant founder Ki Young Ju wrote that unlike the German government sale, Mt. Gox’s creditors were not forced to sell, so this is not pure seller liquidity. This distribution will not end the bullish trend, as these Bitcoins are expected to react to market sentiment just like existing supply. Judging from the recent rebound trend of Bitcoin, the Mt. Gox compensation incident did not have too much impact on the bullish trend of Bitcoin.

According to the "Cash Payment or Crypto Payment" poll initiated by Reddit, 69.3% of the participants chose cryptocurrency payment. Since the price of Bitcoin has increased significantly compared with the time when Mt. Gox went bankrupt, the creditors' profits from passive lock-up can be said to be very considerable. How to deal with this compensation is a topic of great concern to the outside world.

"Will you tell your wife when you receive Bitcoin?" someone joked on the Reddit forum. Judging from the responses from many creditors, some are still holding on, some are worried about tax issues, and some have chosen to cash out to improve their lives.

In the poll initiated by a user on "What proportion of Bitcoin do you plan to sell after payment?", 52.1% of the participants chose to sell 0%-10%, 10.8% chose to sell 90%-100%, and the remaining choices were 20% to 90% sold.

"The Mt. Gox bankruptcy case gave me some valuable lessons. One is not to sell Bitcoin easily, and the other is to be careful about the crypto assets stored on the exchange." This part of the creditors hopes to get greater returns, and some people also Let’s be clear that Bitcoin is a currency and not an investment. This was also reflected in a certain poll, with more than half of the users choosing to continue holding Bitcoin.

Of course, many creditors choose to "take it easy" to purchase houses, cars and other items. "As the payment gets closer, I am getting more and more nervous. I hope to buy a beach house as soon as possible and go there for vacation." , "I have begun to pay attention to Tesla and the house that I have been waiting for a few years." ...and many creditors are struggling with the timing of the sale. "Trump supports cryptocurrency. Is it okay to wait until he is elected president of the United States before selling?" Better? "

For creditors who sell assets and need to pay crypto taxes, how to pay taxes is a thorny issue, and it is also a big expense. This is also a question that appears frequently on Reddit. For example, “I am a resident of Germany and therefore do not have to pay capital gains tax on crypto assets held for more than a year, but I may soon move to a country that does. Should I sell my crypto assets now or continue? Hold?", "Can I sell Bitcoins in the EU? After such a long time, I have no evidence to record the time when I got these Bitcoins."

In addition, there are anxious messages from creditors because they have not received compensation." Which exchanges have received funds, and which exchanges have remaining funds? Is there a list that can be published? "When the price of Bitcoin reaches $250,000, $500,000, and $1 million, will someone regret it? Is it too early to sell?" Someone else left a message asking, how many selling stories will there be then?

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