According to sources on Reddit, struggling crypto exchange Mt. Gox may soon begin making repayments in Bitcoin to some creditors. While Mt. Gox delayed repayments by another year to October 2024, some creditors who had already provided the required details are expected to receive BTC repayment within the next two months.
Mt. Gox Bitcoin Repayment
Creditors have received emails from Mt Gox Rehabilitation Trustees According to a subreddit, they confirm ownership of their accounts and verify their identity with the crypto exchange or custodian they previously entered as a payment address for BTC/BCH.
Mindao Yang, founder of decentralized stablecoin protocol dForce Network, addressed this in a post on He said that Mt. Gox creditors are expected to unlock huge amounts of BTC from the 200,000 BTC, in addition to the 600,000 losses and GBTC revaluation following spot Bitcoin ETF approval.
“The Bitcoin halving will reduce the annual supply by 160,000 coins. Interesting supply dynamics will emerge in the coming months,” said Mindao Yang.
To receive repayment in BTC/BCH, creditors must have their account in active status. Individuals may not be able to receive repayment in BTC/BCH if the account is deactivated or frozen in the future.
In December 2023, creditors reported that they had received compensation Japanese Yen in their PayPal accounts. Repayments continue and many are also receiving payments U.S. dollar.
According to TokenUnlocks data, Mt Gox still holds more than 137,800 BTCs worth $5.5 billion. The total amount of BTC is 162,105 BTC, worth $6.5 billion.
Will there be sell-off pressure?
Experts have a different view on Bitcoin repayments through Mt. Gox Trustee. Some expect repayments to occur over several months throughout the year.
However, some claim that a lump sum repayment to creditors will be made immediately. Mindao Yang said: “Of course, the selling pressure should be relatively limited. After all, a lot of debt has been sold over the years and the prices have been reflected in the market.”
BTC price has fallen by 3% in the last 24 hours and is currently at $39,981. The 24-hour low and high are $39,450 and $41,242, respectively. Additionally, trading volumes increased by 120% in the last 24 hours, indicating interest from traders.
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