Key Points
- Mt. Gox made repayments in BTC and BCH to over 17,000 creditors to date.
- The rest of the creditors will receive their funds once they comply with certain conditions.
Mt. Gox released an official statement regarding the creditor repayments.
In the July 31 official notice regarding repayments in Bitcoin and Bitcoin Cash, the defunct exchange revealed that following the repayments on July 5, 16, 24, and 31, 2024, the Rehabilitation Trustee made repayments in BTC and BCH to some creditors of the Designated Crypto Exchanges.
The repayments were made in accordance with the Rehabilitation Plan.
The statement also notes that, as a result, the Rehabilitation Trustee has now made repayments in BTC and BCH to more than 17,000 rehabilitation creditors to date.
Conditions for the Remaining Creditors
According to the official Mt. Gox release, repayments to other rehabilitation creditors 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 Designated Crypto Exchanges regarding repayments
- Confirmation that repayments can be made safely and securely
Mt. Gox finished the note by asking eligible rehabilitation creditors to wait for a while.
Mt. Gox FUD Retraced
Mt. Gox repayments caused a significant FUD in the crypto market when the exchange started the process. However, it is no longer an issue, as there haven’t been any more signs of selling pressure.
This suggests that creditors are likely holding on to their coins, as Collective Shift founder, Ben Simpson, recently noted.
He highlighted that the defunct exchange creditors are OG Bitcoiners, people who bought BTC 10 years ago, and believed in the crypto industry and the digital asset.
They are here to hold, according to him, and BTC’s price will not be affected by the repayment process, especially as it’s unfolding in multiple phases.
