Mt. Gox Commences Repayments with Minimal Exchange Transfer—Bitcoin Alert!

Information gathered by Arkham Intel indicates that Mt. Gox has begun paying back its creditors by sending a small quantity of Bitcoin to one of the specified exchanges. Creditors of the now-defunct exchange are due almost $8.2 billion in Bitcoin, and this news comes after months of preparation and conjecture about their distribution.


The most important one was sending $24 worth of Bitcoin to a wallet, which then sent the money to Bitbank's hot wallet. Bitbank, along with Kraken, Bitstamp, SBI VC Trade, and Bitgo, is on the list of approved exchanges to process repayments. Customers may expect to see their cash within 90 days of receiving them.


Since the money did not go straight from the main Mt. Gox accounts, there is still a lot of mystery behind these transactions. Curious onlookers wonder whether this would be a dry run for bigger transfers aimed at paying back creditors. Although the exact dates of the transfers have not been made public, the Mt. Gox Rehabilitation Trustee has previously said that the payback procedure was supposed to start in early July.


Despite this little shift of capital, Bitcoin is going through a rough patch, with its price falling more than 20% from $72,000 to its current level of around $57,700.

Anticipated Result

Recently, Peter Chung, Head of Research at Presto Research, offered his thoughts on the bigger picture of what the Mt. Gox repayments mean. Potentially lucrative trading possibilities were highlighted by his analysis of the projected interactions between Bitcoin Cash (BCH) and Bitcoin (BTC).


Sometime between July 1, 2024, and October 31, 2024, the Mt. Gox Rehabilitation Trustee intends to pay out to the creditors of Mt. Gox Bitcoin and Bitcoin Cash, the value of which is estimated to be several billion dollars. According to him, this might change the supply and demand for Bitcoin and Bitcoin Cash over the next four months, which could lead to a pair trading opportunity.

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