Key Points
- Mt. Gox began repaying credits in BTC and BCH today.
- Earlier, the exchange transferred billions of dollars worth of BTC.
In an official announcement released today, July 5, the crypto exchange Mt. Gox announced it started repaying creditors in Bitcoin and Bitcoin Cash.
In the exchange’s notice regarding repayments in BTC and BCH, Mt. Gox noted that the Rehabilitation Trustee has made repayments to some of the rehabilitation creditors through a part of the Designed Crypto Exchanges in accordance with the Rehabilitation Plan.
According to the official notes, repayments to other rehabilitation credits will be promptly made once the following conditions are met:
- Confirmation of the validity of registered accounts and other matters
- Acceptance of the intention to subscribe to the Agency Receipt Agreement by designated crypto exchanges
- Completion of discussions between the Rehabilitation Trustee and the crypto exchanges about the repayments
- Confirmation that repayments have been made safely and securely
The exchange also noted that it asks eligible rehabilitation creditors to wait for a while.
Back in June, the crypto exchange announced that it would begin the distribution of over $9 billion worth of funds in BTC, BCH, and fiat to creditors at the beginning of July.
Mt. Gox Moved 47,228 BTC
The repayment announcement came right after Mt. Gox moved over 47,228 BTC worth about $2,5 billion to a wallet earlier today. It later transferred the assets in multiple transactions.
According to data from Arkham, the crypto exchange sent 1,545 BTC worth $83.5 million to a hot wallet on the crypto exchange Bitbank.
Today, the price of Bitcoin dropped below $54,000 earlier at prices around $53,300 before a rebound.
At the moment of writing this article, BTC is trading above $54,000, down by over 6% in the past 24 hours.
The broader crypto market saw liquidations of approximately $662 million in the past 24 hours, with BTC accounting for almost $229 million of which $185 million were longs and $43.6 million were short.
