Mt. Gox to begin Bitcoin and BCH repayments next month
The post Mt. Gox to begin Bitcoin and BCH repayments next month appeared on BitcoinEthereumNews.com.
Mt. Gox is set to start Bitcoin (BTC) and Bitcoin Cash (BCH) repayments in early July. This long-awaited move comes after extensive preparations by the Rehabilitation Trustee, Nobuaki Kobayashi. The oldest cryptocurrency exchange in the world has reportedly been working diligently to ensure safe and reliable repayment to its creditors, adhering to necessary technical and legal standards. The repayment process will kick off with cryptocurrency exchanges that have completed the necessary information exchange and confirmation processes. This meticulous approach aims to safeguard the interests of the creditors and comply with financial regulations across various jurisdictions. Preparations and technical measures Each step in the preparation process has been critical. The team worked to create secure channels for repayment, ensuring that the technical infrastructure could handle the volume and complexity of these transactions. Source: Mt. Gox Rehabilitation Trustee They also focused on protecting the transactions from potential cyber threats, which is obviously a major concern in the crypto industry. Moreover, Kobayashi’s team engaged in comprehensive discussions with various cryptocurrency exchanges. These discussions aimed to iron out any potential issues and ensure a smooth repayment process. The exchanges had to provide detailed information and undergo a strict verification process. Only after these exchanges met the stringent requirements set by the Rehabilitation Trustee were they approved for repayment. The Rehabilitation Trustee consulted with legal experts and financial authorities in various countries. Is Bitcoin about to bottom? As soon as the repayment news became public, the crypto community has been speculating whether Bitcoin has bottomed, as per historical patterns. Source: X.com Mt. Gox FUD usually signals the last drop before Bitcoin goes up again. The last time this happened was on January 23rd, marking the bottom, and then Bitcoin hit a new all-time high shortly after that. Observing the BTC/USD chart, we see it saturated…
Filed under: News - @ June 24, 2024 10:24 am