Top crypto
    Top crypto

      Mt. Gox Creditors: Up To 3-Month Wait for Bitcoin Repayments

      Mt Gox creditors might have to wait up to three months to receive their Bitcoin and Bitcoin Cash repayments. This depends on which crypto exchanges they filed their claims with, according to a trustee document.

      The trustee of the defunct cryptocurrency exchange announced today that repayments have started for some designated crypto exchanges, following the rehabilitation plan.

      The trustee explained that the payout timeline varies by exchange. For instance, Kraken has 90 days to process payouts, while Bitstamp may take up to 60 days. BitGo will have payouts visible within 20 days, and both SBI VC Trade and Bitbank will complete payouts within 14 days.

      Each designated cryptocurrency exchange must either add the BTC or BCH to the creditor's account balance or transfer it to a linked wallet within a certain number of days after receiving it from the trustee.

      Mt Gox transferred 47,228.7 BTC, valued at about $2.71 billion, to a wallet.

      The trustee also noted that repayments to eligible creditors will be promptly made if they meet certain conditions. These include confirming the validity of registered accounts, agreeing to an agreement by designated crypto exchanges, and completing discussions with the trustee.

      Earlier today, Mt Gox transferred 47,228.7 BTC, valued at about $2.71 billion, to a wallet. The assets were then moved in multiple transactions, including 1,545 BTC, worth $85 million, to a hot wallet on the crypto exchange Bitbank, according to data from Arkham.

      Bitcoin's price fell below $54,000 at one point today. It is currently trading at $54,270, down 6.48% over the past 24 hours. Additionally, the broader crypto market saw over $665 million in daily liquidations across centralized exchanges.

      Yana is a writer specializing in the latest crypto trends and news. She consistently shares fresh, useful, and interesting information. Her content is known for its clarity and accessibility. Yana simplifies complex crypto topics, making them accessible to everyone through her articles, blog posts, and newsletters.