Mt. Gox Exchange Begins Repaying Creditors in Bitcoin and Bitcoin Cash
Mt. Gox Exchange, which closed several years ago after a significant incident, has begun the process of repaying debts to its creditors, making payments in bitcoins and Bitcoin Cash. These transactions are being processed through cryptocurrency platforms, the list of which was pre-approved as part of the company’s restructuring plan.
According to the trustee of Mt. Gox, payments will be made immediately provided that creditors meet certain requirements. In particular, to receive payments, creditors must have a confirmed account on the platforms specified in the restructuring plan and sign an agreement confirming their acceptance of the terms set by the cryptocurrency exchange.
Some former Mt. Gox clients have already confirmed receiving payments. One Reddit user reported receiving a specific amount through the Bitbank cryptocurrency exchange, indicating the start of the refund process.
The announcement of the start of payments came after 47,228.7 bitcoins (approximately $2.71 billion USD) were transferred from addresses belonging to the trustee of Mt. Gox. These funds were first transferred to a crypto wallet and then, through several transactions, to the Bitbank cryptocurrency exchange. In total, there were 94,457 bitcoins in all known addresses of the Mt. Gox trustee.
Against this backdrop, the price of bitcoin fell by almost 6% in one day, dropping below $54,200 USD. Over the past week, the flagship cryptocurrency has lost 11.92% in price.
According to the Coinglass analytical platform, over the past 24 hours, positions worth $665 million were liquidated in the cryptocurrency market, which is attributed to increased selling pressure on bitcoin. This significant market movement confirms the high volatility and instability of the current conditions.
