Mt. Gox Creditors To Decide Fate Of 150,000 BTC
When Mt. Gox creditors decide how much of their money to receive in cash, Bitcoin and Bitcoin Cash, it will be clear whether or not any additional 150,000 BTC is going to flow into the market since they will reveal how they want their claims paid o[...]
As soon as the Mt. Gox bankruptcy process is finished, the owners of that exchange will be able to withdraw their BTC.
In his July 6 letter, Nobuaki Kobayashi, the trustee in charge of the Mt. Gox bankruptcy process, stated that he was "preparing to make payments" to account holders.
Which of the following should be used to buy a cup of coffee? Bitcoin, Bitcoin Cash or cash?
After the collapse of Mt. Gox, it appears that those who lost money may soon receive BTC.
The market has been anticipating the event for a while, and there is worry that its impact could be significant. The price of Bitcoin at the time was significantly lower than it is now, which led some to suspect that participants would sell large amounts of BTC on the market right after receiving their tokens.
Kobayashi did not specify when the repayments would start in his official letter.
The Rehabilitation Trustee is preparing to make repayments (the "Repayments") in accordance with the rehabilitation plan that was approved by the Tokyo District Court, which made its confirmation order final and binding on November 16, 2021.
Those who are owed can decide whether to receive the amount that is outstanding as an "Early Lump-Sum Repayment or not," it says, and they can also choose to receive all or part of it in BTC or BCH, which is embattled.
The Rehabilitation Trustee will decide the deadline for the Choice and Registration, with the court's approval, as stated in the letter.
The plan to revive Mt. Gox was approved in 2018 and confirmed in October 2021. As of the end of May 2022, only a reported 150,000 BTC has been recovered from the 850,000 BTC lost when the exchange collapsed.
Potential black swans still to come:
— EloniusMunk (@EloniusMunk) June 18, 2022
1. Mt Gox victims finally get their bitcoin released
2. Tether collapse unable to redeem
3. Total stockmarket crash
4. Taiwan invasion
5. Ukraine escalation
6. Satoshi alive and moves some $btc from genesis wallet
7. Schiff buys bitcoin
In response to the news, CryptoQuant CEO Ki Young Ju advised traders to set price alarms for when the payouts started.
"It's still quiet for now," he tweeted, while another Twitter user put Mt. Gox at the top of the list of "black swan" events that could affect BTC.
A rise in the price of Bitcoin is seen when a loan repayment for Celsius occurs.
The payouts that were announced on the day had no impact on the price of BTC/USD.
Celsius has paid down its DAI loans by 143M since July 1
Instead, news that crypto lending platform Celsius had completed repayments of its own in the form of a $44 million loan to MakerDAO led to the market reaching nine-day highs of near $21,000.
Cointelegraph, as reported by Cointelegraph Markets Pro and TradingView, had been showing that Bitcoin was consolidating in a narrow range for several days.
