Mt. Gox Repayment Plan: Bitcoin (BTC) and Bitcoin Cash (BCH) Surge Over 3% and 7%, Respectively, in the Last 30 Days
- WBOYOriginal
- 2024-08-02 04:21:071102browse
The defunct crypto exchange Mt. Gox announced that its Rehabilitation Trustee made repayments in Bitcoin (BTC) and Bitcoin Cash (BCH) to over 17,000 creditors.
Defunct crypto exchange Mt. Gox announced that its Rehabilitation Trustee has made repayments in Bitcoin (BTC) and Bitcoin Cash (BCH) to over 17,000 creditors. The repayments were made on July 5, 16, 24, and 31, 2024, through designated cryptocurrency exchanges.
The announcement comes after the exchange received approval from the Tokyo District Court to begin the first round of repayments. Creditors who had filed for BTC and BCH repayments received the respective coins in their exchange wallets.
As per the statement, the trustee made BTC repayments to 16,564 creditors and BCH repayments to 1,416 creditors. The total amount of BTC repaid was 33,961.41, while the total amount of BCH repaid was 2,996.05.
Mt. Gox noted that the creditors’ final crypto exchange balances will be credited with the塵dust’ amounts after the dust collection process is complete.塵 Dust’ refers to small, unwithdrawable amounts of crypto that remain in an exchange wallet after a withdrawal.
The exchange added that further塵dust’ collections will be made and distributed to creditors’ exchange balances.
Moreover, Mt. Gox highlighted that the remaining creditor repayments will be made after several crucial conditions are met. These include confirmation of the validity of registered accounts, verification of the Agency Receipt Agreement with creditors, and creditors submitting the necessary documents for crypto exchange registration.
According to on-chain data from Arkham Intelligence, the defunct crypto exchange addresses moved 33.96K BTC (approx. valued at $2.25 billion at press time) to addresses linked to BitGo.
BitGo is the final custodian that is working with the Mt. Gox Trustee in the repayment process. The塵dust’ collection dustbin addresses also received a total of 0.0009 BTC (approx. valued at $6) over the last seven days.
Earlier, the exchange moved over 33K BTC (approx valued at $2.19 billion at the time) to multiple addresses.
Japanese exchange Bitbank, on July 5, received 1,545 Bitcoin (approx. valued at $84.9 million at the time) from the exchange.
Mt. Gox filed for bankruptcy in February 2014 after it lost a total of up to 950K Bitcoin in a hack. However, the exchange blamed a bug for the loss.
The defunct platform later recovered 140K BTC.
Bitcoin price has noted higher surges ever since Mt. Gox began its塵dust’ collection dustbin addresses also received a total of 0.0009 BTC (approx. valued at $6) over the last seven days.
BTC price dipped to the $53K level at the beginning of July, after which it rose rapidly back to the $65,000 mark. BTC went on to hit $69K later in the month.
BTC is trading at an average price of $64,384 at press time. It’s down by 12% from its all time high of $73,750, recorded on March 14, 2024.
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