The post "Mt Gox Set to Distribute Bitcoin and Bitcoin Cash to Creditors in July 2024" first appeared on 36crypto.com News.
In a significant development for cryptocurrency stakeholders, Mt Gox has announced that it will begin distributing Bitcoin and Bitcoin Cash to its creditors starting July 2024. This decision came after a long restoration period after the platform's distressing failure in 2014, which caused turmoil in the global landscape of cryptocurrencies.
The process of repaying the invested amount will be lengthy, along with handling large numbers of creditors, and it is estimated that thousands of individuals will have their stakes in the digital assets. There was a high-profile failure of Mt Gox, a famous digital currency exchange platform, that lost 850,000 #Bitcoins due to a cyberattack, raising questions about the safety standards of the Bitcoin exchanges. But now, after ten years, each holder will recover about 140,000 Bitcoins that belong to them.
The repayment plan, confirmed by Mt Gox's trustee, involves a structured release of funds that ensures equity and transparency. The creditors can get paid in Bitcoin, Bitcoin Cash, and any other fiat currency;" the choice is theirs. This heuristic was applied purposely due to flexibility in the existing policies that aim to meet the needs of the affected parties.
However, this repayment exercise is among the elements of the rehabilitation program adopted by the Tokyo District Court in 2018. Since then, many procedural issues, apart from the natural obstacles, have hindered the repayment, and many logistical factors have delayed it. But then the trustee's office cleared all obstacles for payment, and distributions are beginning as planned.
Increased security measures have also been adopted to ensure that the distribution process is not interrupted. Extensive cryptography techniques are believed to help protect the disbursement process from cybercrime. Further, robust and perennial surveillance and live reporting will guarantee that the process will continue operating in an open and protected style.
Mt Gox Case Could Mark Turning Point
Before the date of distribution, the trustee guarantees that all the repayments will be made strictly following legal provisions governing the payment systems under the laws of Japan. Creditors have been encouraged to enter their account information with their various banks and to confirm all their details so that there is an orderly transfer of the funds.
Furthermore, the decentralized finance community considers the future of cryptocurrency an opportunity to revive investors' lost trust in the central digital asset exchange. Given historical misfortunes, the successful completion of the Mt Gox case could prove to be a turning point in the safety and soundness of #cryptocurrency and its handling.
#MtGoxJulyRepayments

According to multiple sources, including NewsBTC, Daily Truth Report, and CoinCodex, the price of Polkadot (DOT) has surged above the $4.50 resistance level against the US Dollar. If it clears the $4.80 resistance level, the price could surge towards $5.5. Inside #Bitcoins predicts that an increase above the channel could trigger intense buying to the resistance levels of $5.00, $5.20, and $5.40.
It is worth noting that #Polkadot is a sharded blockchain that connects several different chains together in a single network, allowing them to process transactions in parallel and exchange data between chains without sacrificing security. The $DOT token serves three key functions in Polkadot: providing governance for the network, operating the network, and supporting the networks.
The Polkadot #ico started on October 15, 2017, and ran until October 27, 2017. During the ICO, 5 million #DOT tokens were sold, representing 50% of the initial DOT supply (10 million tokens). The Polkadot price reached as high as $55 in November 2021. DOT’s price reached a peak of $6.30 shortly after it launched in May 2020, then wavered between $4 and $5 for the remainder of 2020. In May 2021, DOT’s price hit an all-time high of $49.80. During the Q4 bull run of 2021, DOT’s price hit another peak of $44.41 in October.

It is important to note that cryptocurrency prices are highly volatile and subject to change rapidly. Therefore, investors should always do their own research and exercise caution before investing in any cryptocurrency.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Readers are encouraged to conduct their research and make informed decisions.

The United States holds more than 200,000 BTC, which translates to over 5 billion dollars. This is despite having previously sold thousands of BTC.
Although the United States had sold several thousand #Bitcoins in the past, its government currently owns over 200,000 #BTC valued at more than 5 billion dollars, making them one of the major holders of this cryptocurrency.
 US Bitcoin Holdings Continue to Increase
According to data from 21.co, the current amount of Bitcoins held by the US stands at 194,188, with an estimated value of 5.3 billion USD. These figures, derived from publicly available sources, may only represent a minimum estimate. In reality, the actual number could be even higher.

The primary BTC reserves were acquired by the US government from the following operations:
-       Confiscation of 69,369 BTC from the Silk Road market in November 2020.
-       Acquisition of 94,643 BTC following the Bitfinex hack in January 2022.
-       And 51,326 BTC related to the James Zhong case in March 2022.

Most of these Bitcoins are stored offline in encrypted devices, known as hardware wallets, managed by the Department of Justice and the Tax Office.
Confiscated Bitcoins and the US Government
It's important to note that even though the US holds these Bitcoins, they don't consider them as their property until a court decides otherwise. The US Marshals Service becomes the owner of these BTC only after a judicial decision confirms their confiscation.
Occasionally, the US sells some of its Bitcoins through an auction system based on court orders. The largest auction took place in 2014, when billionaire Tim Draper bought 30,000 BTC from the US at a very favorable price.
Recently, however, the US government has been turning to cryptocurrency exchanges to sell confiscated BTC. For instance, in March of this year, the government sold 9,118 BTC via the Coinbase exchange.
Notice: 
Information and viewpoints presented in this text are purely informational and should never be taken as investment recommendations in any situation. Do not attribute any value to the content here as financial, investment, or any other type of advice. Keep in mind that investing in cryptocurrencies can be associated with the risk of loss.