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Mt. Gox Starts Bitcoin and Bitcoin Cash Payments
The trustee of the now-defunct cryptocurrency exchange Mt. Gox confirmed today (Friday) that it has begun repaying some of its creditors in Bitcoin and Bitcoin Cash. This was part of the rehabilitation plan after the exchange closed in 2014.
The notice from the rehabilitation curator, Nobuaki Kobayashi, further specified that “Refunds to other rehabilitation creditors will be made promptly” after conditions such as confirmation of registered accounts and other reimbursement agreements are met.
Rehabilitation after 10 years
At its peak, Mount Gox was the largest Bitcoin exchange, handling 70 percent of all global Bitcoin transactions. However, it shut down its services after failing to recover from the impact of its hack. The exchange’s former CEO was also convicted by a Japanese court for tampering with the exchange’s records.
The exchange closed its operations in February 2014, but it took the trustee ten years to initiate reimbursements to victims. Previously, the trustee had delayed the rehabilitation process several times.
THE the process of repaying creditors began last yearas many creditors confirmed that they had received payment via bank transfer in Japanese yen. Interestingly, many received payments twice, resulting in the trustee sending emails to those creditors requesting a refund of the excess amount.
Bitcoin is down
Meanwhile, Bitcoin’s fiat value has plummeted in recent days and is now trading below $55,000. Notably, the cryptocurrency peaked at around $74,000 earlier this year, meaning its value has fallen by more than 25.6 percent.
According to on-chain analysts, the Mt. Gox trustee recently moved 47,228 BTC, signaling the start of settlement. While analysts suspect that the recent market downturn is due to the Mt. Gox rehabilitation plan, there is optimism that the market will absorb the selling pressure.
The trustee of the now-defunct cryptocurrency exchange Mt. Gox confirmed today (Friday) that it has begun repaying some of its creditors in Bitcoin and Bitcoin Cash. This was part of the rehabilitation plan after the exchange closed in 2014.
The notice from the rehabilitation curator, Nobuaki Kobayashi, further specified that “Refunds to other rehabilitation creditors will be made promptly” after conditions such as confirmation of registered accounts and other reimbursement agreements are met.
Rehabilitation after 10 years
At its peak, Mount Gox was the largest Bitcoin exchange, handling 70 percent of all global Bitcoin transactions. However, it shut down its services after failing to recover from the impact of its hack. The exchange’s former CEO was also convicted by a Japanese court for tampering with the exchange’s records.
The exchange closed its operations in February 2014, but it took the trustee ten years to initiate reimbursements to victims. Previously, the trustee had delayed the rehabilitation process several times.
THE the process of repaying creditors began last yearas many creditors confirmed that they had received payment via bank transfer in Japanese yen. Interestingly, many received payments twice, resulting in the trustee sending emails to those creditors requesting a refund of the excess amount.
Bitcoin is down
Meanwhile, Bitcoin’s fiat value has plummeted in recent days and is now trading below $55,000. Notably, the cryptocurrency peaked at around $74,000 earlier this year, meaning its value has fallen by more than 25.6 percent.
According to on-chain analysts, the Mt. Gox trustee recently moved 47,228 BTC, signaling the start of settlement. While analysts suspect that the recent market downturn is due to the Mt. Gox rehabilitation plan, there is optimism that the market will absorb the selling pressure.