• April 23, 2024

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Mt.Gox Largest Creditor Intends to Hold Returned Bitcoins

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The process of refunding creditors of the now-defunct Mt.Gox crypto exchange will begin in the fall of 2023, according to sources.

The Mt.Gox Investment Fund is expected to receive 90% of the lost investments in the form of 70% bitcoin and 30% fiat, with a possible payout of up to 30,000 BTC. Other creditors have until April 6 to decide when and in what form to receive their assets, with the option to receive them ahead of schedule by October 31, 2023 at a lower percentage.

When Mt.Gox shut down in early 2014, it left behind 800,000 BTC worth $480 million at the time. Although there was speculation that the return of 150,000 BTC to creditors could cause a potential collapse in the market, UBS analysts have dismissed such fears, stating that the upcoming Mt.Gox payments will not have a significant effect on the value of the first cryptocurrency.