Mt. Gox’s largest creditor opted for an early payment in bitcoin (BTC), deciding not to wait any longer for an even larger payment.
The Mt. Gox Investment Fund, the largest creditor of the defunct cryptocurrency exchange, has decided to take a chance on a smaller but early payment rather than wait for all legal processes to be resolved.. This means that the creditor will receive the payment in September of this year, instead of having to wait another nine years to recover their funds.
According to Bloomberg, opting for early payment means that the creditor will receive 90% of what is owed to them, and the bankruptcy trustee does not have to sell tokens to acquire trust funds for the payment, since the creditor also chose to be paid in advance. BTC. This will alleviate market concerns that token sales of that magnitude could have a negative impact on the cryptocurrency market.
Other exchange creditors also have until March 10 to decide whether they want to wait for a higher payout percentage or take the earlier refund in September..
On January 6, Mt. Gox administrator Nobuaki Kobayashi urged creditors to complete the necessary steps before the deadline. Kobayashi wrote that creditors who do not do so will not be able to receive their funds. or they will have to take the documents to the headquarters in Japan and receive the payments in Japanese yen.
Mt. Gox used to be considered the world’s largest cryptocurrency exchange before going bankrupt in 2014 after the theft of 750,000 BTC from its clients and 100,000 of its own bitcoins.. At the time of the incident, the funds were only worth about $473 million. However, at current market prices, its value is around USD 20,000 million.
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