Mt. Gox announced the start of payments. What awaits the crypto market?
The post Mt. Gox announced the start of payments. What awaits the crypto market? appeared on BitcoinEthereumNews.com.
The trustee of the Mt.Gox exchange, which went bankrupt in 2014, announced plans to begin paying compensation in Bitcoin, Bitcoin Cash, and cash in early July. The decision was made after the preparatory process, including providing technical support, complying with the rules in each country, and coordinating transfers with each crypto exchange, was completed. Payments will begin on a first-come, first-served basis to platforms that have confirmed the required information. “We have taken time to ensure safe and reliable repayment to creditors, including technical remedies for safe repayments, compliance with financial regulations in each country, and discussion of repayment arrangements with the cryptocurrency exchanges.” Mt.Gox debtors The market reacted nervously to the publication of the news. Bitcoin (BTC) fell below the $62,000 level. The decrease in the value of BTC led to a drop in the quotes of other cryptocurrencies from the TOP 10 by market capitalization. Mt.Gox Bankruptcy Mt. Gox was one of the world’s largest crypto exchanges, operating from 2010 until filing for bankruptcy in 2014 after hacking attacks. At its peak, Mt. Gox accounted for about 70% of the total Bitcoin trading volume. In a 2014 hack, 850,000 BTC were stolen. Their current value is more than $57 billion. The process of agreeing on payments to the bankrupt exchange Mt. Gox started in June 2018. In 2021, a court approved a compensation plan developed by the company’s trustee. In December 2020, a plan was introduced to pay creditors in fiat money, Bitcoin, and Bitcoin Cash (BCH). Details of the plan were made public in January 2021, and it received court approval in February for a subsequent vote. The compensation plan was supported by about 83% of exchange users. The exchange’s bankruptcy led to a seven-and-a-half-year legal battle before a plan was put in place to reimburse affected…
Filed under: News - @ June 29, 2024 12:16 pm