Mt Gox largest creditor intent
One of the largest creditor funds has indicated that it will not sell Bitcoin (BTC) as Mt Gox, a cryptocurrency exchange that went bankrupt in 2014, is about to begin repayment. I found out on the 9th.
An anonymous source familiar with the Mt Gox Investment Fund (MGIF), which bought the Mt. .
According to the same person, MGIF has opted for an “early lump sum payment” of 90% of the amount of the bond, which will be delivered on September 30, 2023 at a ratio of 70% bitcoin and 30% cash.
MGIF is the largest creditor with around 20% of Mt. Earlier in March, it was reported that MGIF and Bitcoinica had opted not to opt for “monetary repayment,” alleviating concerns over a massive Bitcoin sale.
connection:Mt. Gox to start paying off bitcoin, etc. soon
Mt Gox and the Repayment Plan
Mt Gox is a Tokyo-based cryptocurrency exchange that operated from 2010 to 2014. About 24,000 Mt Gox users were affected by the cryptocurrency outflow from Mt Gox in 2011 and subsequent bankruptcy in 2014. The exchange is said to have lost 850,000 bitcoins, worth $460 million at the time.
According to the data reported by the rehabilitation trustee as of September 2019, Mt. Gox’s assets are approximately 69,397.6 million yen in cash and deposits, and virtual currencies are 141,686 BTC (425 billion yen) and 142,846. BCH (about 2.3 billion yen).
Currently, payments to Mt. Gox’s creditors are being made pursuant to a rehabilitation plan finalized by the Tokyo District Court on November 16, 2021.
Mt. Gox creditors can choose from multiple options for repayment, and must notify which method they prefer by March 10, 2023. The main items to be registered are as follows.
- Choice of early lump sum repayment
- How to receive payment in money and registration of recipient information
- Choice of whether to receive partial payment of virtual currency receivables in bitcoin and bitcoin cash
- Registration of user information on virtual currency exchanges, etc. when receiving payment in virtual currency
Failure to opt for early lump sum repayment will result in awaiting the conclusion of the civil litigation relating to bankruptcy, which is expected to take more than five years.
connection:Mt Gox Civil Rehabilitation Moves Forward, Gives Creditors Option to Request 90% of Bitcoin Return – Bloomberg
connection:Bitcoin continues to fall as risk aversion strengthens, and fears of selling pressure from large Mt. Gox creditors may recede
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