Bitcoin Cash

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Mt. Gox creditors could wait 3 months until they receive their repayments.</li>
 <li>Earlier today, the exchange started making repayments based on the rehabilitation plan.</li>
</ul>
<p>According to new reports, Mt. Gox creditors may have to wait up to three months until they receive their Bitcoin or Bitcoin Cash repayments.</p>
<p>The process depends on which crypto exchanges they made claims with, as per the trustee document.</p>
<p>Earlier today, Mt. Gox announced that it had started making repayments to a part of the designated crypto exchanges based on the rehabilitation plan.</p>
<p>In the official notes, the trustee revealed that the timeline for payouts to become visible in creditors’ accounts could vary depending on the exchanges.</p>
<ul>
 <li>Kraken is given 90 days to process payouts.</li>
 <li>Bitstamp may take up to 60 days.</li>
 <li>BitGo will have payouts made visible within 20 days.</li>
 <li>SBI VC Trade and Bitbank will both complete payouts within 14 days.</li>
</ul>
<p>In the <a href="https://www.mtgox.com/img/pdf/20240705_01_announcement_en.pdf" rel="noopener noreferrer nofollow" target="_blank">official document</a>, the exchange wrote that each of the designated crypto exchanges is obligated to add the number of BTC and BCH to the balance of a rehabilitation creditor’s account or to transfer BTC or BCH to a wallet linked to the account within a certain number of days after the day of the BTC/BCH transfer from the Rehabilitation Trustee.</p>
<h2 id="repayments-to-eligible-creditors">Repayments to Eligible Creditors</h2>
<p>In the same announcement, the exchange also said that repayments to eligible creditors will be made only if they meet certain conditions.</p>
<p>These include the following:</p>
<ul>
 <li>Confirmation of the validity of registered accounts</li>
 <li>Acceptance of the intention to subscribe to an agreement by designated exchanges</li>
 <li>Completion of discussions with the trustee</li>
</ul>
<p>Last month, Mt. Gox <a href="https://crypto.ro/en/news/breaking-mt-gox-to-distribute-9-2-billion-in-bitcoin-and-bitcoin-cash-to-creditors-starting-july-2024/" rel="noopener noreferrer nofollow">revealed</a> that it would begin distributing over $9 billion worth of funds in Bitcoin and Bitcoin Cash, along with fiat, to creditors at the beginning of July.</p>
<p>Today, <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price dropped below $54,000 ahead of a rebound and it’s currently trading at around $54,500 amidst My. Gox repayments.</p>

Mt. Gox Creditors Could Wait 3 Months For BTC And BCH Repayments

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