Reported by The Block: The timeline for creditors to receive bitcoin or bitcoin cash repayments varies depending on custodians.
It may take up to 90 days for those claiming the repayments with Kraken accounts.
Mt Gox creditors may need to wait up to three months to receive their bitcoin or bitcoin cash repayments depending on which crypto exchanges they made the claims with, according to a trustee document.
The trustee of the defunct crypto exchange announced today that it has started to make repayments to a part of the designated crypto exchanges based on the rehabilitation plan.
The trustee has previously detailed that the timeline for payouts to become visible in creditors' accounts may vary depending on the exchanges. Kraken is given 90 days to process payouts, while Bitstamp may take up to 60 days. BitGo will have payouts visible within 20 days. SBI VC Trade and Bitbank will both complete payouts within 14 days.
“Each Designated Cryptocurrency Exchange, etc. is obligated to add the number of BTC /BCH to the balance of a rehabilitation creditor's account (or to transfer BTC/BCH to a wallet linked to the account) within a certain number of days after the day the BTC/BCH are transferred from the Rehabilitation Trustee,” the trustee said in the document.
The trustee noted in its announcement today that repayments to eligible creditors will be “promptly made” if they meet certain conditions, including confirmation of the validity of registered accounts, acceptance of the intention to subscribe to an agreement by designated crypto exchanges, as well as completion of discussions with the trustee.
Earlier today, Mt Gox moved 47,228.7 BTC (about $2.71 billion) to a wallet and later transferred the assets in multiple transactions, including sending 1,545 BTC ($85 million) to a hot wallet on crypto exchange Bitbank, according to data from Arkham.
Bitcoin's price dropped below $54,000 at one stage today, and the largest cryptocurrency is currently trading at $54,270, down 6.48% over the past 24 hours. The broader crypto market saw more than $665 million in daily liquidations across centralized exchanges.