Creditors have until March 10 to decide on an early payout.

The bankruptcy trustee holds a stash of 141,686 BTC.

Concerns are growing that all this BTC could flood markets.

The Mt. Gox Investment Fund, the defunct Bitcoin exchange’s largest creditor, has no plans to sell the Bitcoins it will receive later this year.

According to a March 9 Bloomberg report, the Mt. Gox Investment Fund plans to retain the assets due to it in September.

The fund brought claims against Mt. Gox, which went bankrupt in 2014. The report added that it opted for an early payout this year instead of waiting for all the litigation to be resolved.

The unnamed source said the fund would get 90% of what’s collectible. This will be split into around 70% Bitcoin and 30% cash. However, there were no details of the actual amount of BTC.

Mt. Gox creditors have until Friday to decide on a September payout or wait for the possibility of better claims. According to a March 7 announcement, the creditor selection and registration deadline was moved from Jan. 10 to March 10.

It noted:

“Rehabilitation creditors who have not completed the Selection and Registration by the deadline will not be able to receive any of the repayments.”

According to documentation, the bankruptcy trustee held a stash of 141,686 BTC as of September 2019. At current prices, the Bitcoin horde is worth around $3 billion.

It also held 69 billion Japanese Yen (around $500 million) and 143,000 Bitcoin Cash (BCH) worth around $16.7 million. Creditors approved the rehabilitation proposal in October 2021.

Furthermore, the trustee sold around 35,800 BTC and 34,000 BCH between December 2017 and February 2018.

BTC was priced at around $700 when Tokyo-based Mt. Gox suspended trading in February 2014. Since then, it has surged in value by around 3,000% to current levels.

At its peak, Mt. Gox was the world’s largest Bitcoin exchange. It handled 70% of the global BTC trading volume back in 2013.

#bitcoin #mtgox #koinmilyoner #buildtogether #crypto2023

After a brief crash, Bitcoin (BTC) is back on track toward surpassing the critical level at $30,000, pulling most of the cryptocurrency market up with it. But were the crypto wallets connected to Mt. Gox and the United States government truly to blame for the latest collapse, as the rumors suggest?

Indeed, speculation has been running that the now-defunct crypto exchange Mt. Gox was moving its reserves, as well as that the US government was selling some of the Bitcoin seized in criminal investigations, and that this had caused the massive sell-off that brought the price down.

The offending alerts

As it happens, this whole rumor started after Twitter user db shared an alert from blockchain analytics firm Arkham, claiming that the wallets linked to Mt. Gox and the US government were moving massive amounts of the flagship decentralized finance (DeFi) asset.

Originally, the company originally said that the alerts wet out in error after a “bug fix,” only to later correct itself, stating that the alerts did, in fact, go out correctly but that db had erroneously configured them:

“We have conducted an investigation of the DB Alert situation and determined that the Arkham alerts were sent accurately in this case. DB set two alerts on all Bitcoin transactions above $10k USD, with no counterparties set, then named the alerts ‘Mt Gox’ and ‘US Gov.'”

Indeed, Julio Moreno, head of research at the on-chain analytics provider CryptoQuant, said that his platform did not see any of the activity that the rumors suggest, neither from Mt. Gox nor the US Government, sharing the charts and links where users can verify this information.

But what if?

In the event that Mt. Gox truly starts compensating the creditors suddenly and en masse, and the US government begins selling off the seized Bitcoin, the effect on the market would not be so catastrophic, according to a report shared by crypto services provider Matrixport on its Telegram channel on April 27.

As the report states:

“We have analyzed the potential market impact back and forth and do not think this would be a big deal. The market should be well aware of the eventual distribution of those Bitcoins.”

Detailing the civil rehabilitation plan and deadlines for the 10,000 affected Mt.Gox customers around the world after the widely publicized hack, the platform explained:

“The hacks resulted in 850,000 stolen Bitcoin valued at $500 million at the time and worth $17.8 billion today. Only 200,000 BTC has since been recovered. (…) Since not all of the stolen BTC could be recovered, only a fraction of the original amount held by creditors will be compensated.”

Meanwhile, Bitcoin was at press time changing hands at the price of $29,400, recording an increase of 1.49% on the day, as well as a 4.05% gain across the previous week, adding up to the 7.73% growth on its monthly chart, according to the data retrieved by Finbold on April 28.

#Binance #BTC #mtgox #abd #BullRun

Creditors of the now-defunct cryptocurrency exchange Mt Gox have been waiting for years to receive their owed funds, and the wait may soon be over. The exchange began distributing repayments in cryptocurrency on April 7, 2021, according to a statement from Mt Gox's trustee, Nobuaki Kobayashi.

Creditors have been eagerly anticipating the repayments, with expectations of receiving $3.9 billion worth of Bitcoin (BTC). The repayments are being made in BTC instead of fiat currency, as the value of the cryptocurrency has increased significantly since the exchange went bankrupt in 2014.

Mt Gox was once the world's largest Bitcoin exchange, but it filed for bankruptcy in February 2014 after losing around 850,000 BTC, worth approximately $450 million at the time, in a massive hack. The incident sent shockwaves through the cryptocurrency industry and highlighted the risks associated with digital asset exchanges.

Since then, the exchange's creditors have been fighting for compensation, and the process has been long and complex. It wasn't until March 2020 that a Japanese court approved a rehabilitation plan for the exchange, paving the way for the repayments to begin.

While the repayments are undoubtedly good news for creditors, they may also have an impact on the cryptocurrency market. Some analysts have suggested that the influx of BTC could cause a temporary drop in the cryptocurrency's price, as creditors may choose to sell their newly acquired assets.

Despite this, the repayments are a significant step forward for the Mt Gox creditors and the broader cryptocurrency industry. The incident was a wake-up call for exchanges and regulators, who have since implemented stricter security measures and increased oversight to prevent similar hacks from occurring in the future.

As the cryptocurrency industry continues to mature, it's likely that we'll see more cases of exchanges facing insolvency or bankruptcy. However, the Mt Gox case shows that even in the face of adversity, the industry can come together to provide a solution and ensure that investors are compensated fairly.

#mtgox #crypto2023 #bitcoin #BTC #safu