Former Mt. Gox clients will get 141,000 BTC in 2023
Distribution of cash to former customers of the collapsed cryptocurrency exchange Mt. Gox is scheduled to commence in 2023 after the designated debtor disclosed the final repayment terms.
In fact, the clients will get around $1.7 billion in cash, 141,000 Bitcoins (BTC), and another 142,000 Bitcoin Cash (BCH) beginning in January 2019, Rehabilitation Debtor revealed in a memo dated October 6.
On the MTGOX Online Rehabilitation Claim Filing System, creditors will be requested to pick a payment option in advance of the payback. In addition, the debtor established a deadline of January 10, 2023, for presenting the required documentation.
Notably, creditors will be asked to choose from four principal repayment choices, including early lump-sum repayments, payback for a part of bitcoin rehabilitation claims digital assets, reimbursement by bank remittance, and reimbursement by remittance via a Fund Transfer Service Provider. All creditors will, however, get a first base payment.
After an initial delay, Mt. Gox trustee Nobuaki Kobayashi claimed that repayment will be paid in “due course” around one month prior to the debtor’s announcement.
Notably, the dividend has been a topic of considerable discussion among the bitcoin community. Intriguing was the effect of the dividend on the price movement of the various assets, which might have caused large market fluctuations.
In this instance, it was believed that Mt. Gox investors would elect to sell Bitcoin in response to Bitcoin’s continuous volatility, resulting in increased market volatility.
However, the rumours were dispelled when the debtor provided several payment ways. In addition, it is anticipated that the procedure would take many months, thereby minimizing the chance of causing volatility.
Interestingly, a portion of the market thinks creditors will not immediately sell their Bitcoin. Most of them are presumably early adopters of Bitcoin, and they may wait for the price to rise before selling.
Also Read: GoldenTree’s $5.3M Investment Causes A 6.6% Increase In Sushi Prices