Feb 18, 2023
Mt. Gox Creditor Opts for Early BTC Payout
Mt. Gox Investment Fund, the largest creditor of the defunct crypto exchange, has decided to receive a lesser but earlier payout of 90% of what is due to them, instead of waiting for all the legal processes to be resolved. This means that the creditor will be paid by September this year, as opposed to potentially waiting another nine years before getting their funds back.
The decision to opt for an early payout also means that the bankruptcy trustee won’t have to sell tokens to acquire fiat funds for the payment, as the creditor chose to be paid in Bitcoin (BTC). This is likely to be welcomed by the crypto market, as token sales of that magnitude could have a negative impact on the market.
Related: Mt. Gox creditors dismiss rumors of massive Bitcoin dump
Other creditors of the exchange have until March 10 to decide if they want to wait for a larger payment percentage or take the earlier repayment in September. On Jan. 6, Mt. Gox trustee Nobuaki Kobayashi urged creditors to complete the necessary steps before the deadline. Kobayashi wrote that creditors who fail to do so will not be able to receive their funds or will have to bring documents to the head office in Japan and receive payments in Japanese yen.
Mt. Gox used to be the largest cryptocurrency exchange in the world before it went bankrupt in 2014. At the time, the stolen funds were only worth around $473 million. However, at current market prices, it’s worth around $20 billion.
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