Collapsed cryptocurrency exchange Mt. Gox officially announced that it began repaying some of its creditors in #Bitcoin (BTC) and Bitcoin Cash (BCH) through certain cryptocurrency exchanges on July 5, 2024, in accordance with the Rehabilitation Plan. This announcement was made by Mt. It shows that the long-awaited repayment process after Gox's bankruptcy in 2014 has finally begun. Initial refunds will be made through designated cryptocurrency exchanges.
Payments of Other Creditors Will Begin After the First Repayments
Following the first repayments, the repayments of other creditors will be made after certain conditions are met. These conditions include confirmation of the validity of registered accounts and other matters, verification of the intention to accept the agreement by designated cryptocurrency exchanges. Additionally, negotiations regarding refunds will need to be completed between the Rehabilitation Trustee and designated cryptocurrency exchanges and confirmation that refunds can be made safely and securely.
Mt. Gox stated that repayment will be made to other creditors after all these processes are completed, and underlined that it may take time to complete this process and make the necessary verifications. Therefore, creditors who are entitled to receive refunds are requested to wait patiently. While the cryptocurrency exchange thanked creditors for their patience, it emphasized that it was determined to complete the repayment process in the safest and most effective way.
This gradual progression of the repayment process allows for the security and accuracy checks necessary to ensure that creditors receive the payments they are entitled to. This is Mt. Gox prioritizes transparency and security in the refund process. The start of the first repayments is considered a promising development for all creditors.
Mt. Mobility in Gox Crashed the Cryptocurrency Market
On the other hand, Mt. Gox's initiation of the refund process shook the cryptocurrency market. Bitcoin fell over 7 percent, falling to $53,400 for the first time since February. Altcoin king Ethereum (ETH) fell below the important threshold of $ 3 thousand, down to $ 2 thousand 830.
The sharp decline in Bitcoin and Ethereum caused leading altcoins to drop over 10 percent. Currently, the loss of many altcoins in the last 7 days paints a dramatic picture of over 15 percent.