In the ever-evolving world of cryptocurrency, the Mt. Gox saga continues to unfold, with creditors eagerly awaiting the return of their long-lost bitcoins. The trustee overseeing the rehabilitation process has now announced that the timeline for receiving these repayments may vary significantly, depending on the crypto exchanges through which the claims were made.
Statt #Bitcoin als strategische Reservewährung zu halten, wie es in den USA bereits debattiert wird, verkauft unsere Regierung im großen Stil. Ich habe @MPKretschmer, @c_lindner & @Bundeskanzler @OlafScholz darüber informiert, warum dies nicht nur nicht sinnvoll, sondern… pic.twitter.com/v9FpzmfLbp
— Joana Cotar (@JoanaCotar) July 4, 2024
Varying Timelines for Creditors
According to the trustee’s document, the wait times for creditors to see their Bitcoin or Bitcoin cash repayments in their accounts can range from as little as 14 days to as long as 90 days. The breakdown is as follows:
- Kraken accounts: Up to 90 days
- Bitstamp accounts: Up to 60 days
- BitGo accounts: Within 20 days
- SBI VC Trade and Bitbank accounts: Within 14 days
The trustee emphasized that the designated crypto exchanges are obligated to add the repayments to the creditors’ accounts or transfer the assets to their associated wallets within the specified timeframe.
Conditions for Prompt Repayments
The trustee noted that repayments will be made promptly to eligible creditors, provided that certain conditions are met. These include:
- Confirmation of the validity of registered accounts
- Acceptance of the intention to subscribe to an agreement by the designated crypto exchanges
- Completion of discussions with the trustee
Significant Bitcoin Movements
In a related development, Mt. Gox has recently moved a substantial amount of bitcoin, with the transfer of 47,228.7 BTC (approximately $2.71 billion) to a wallet. The trustee later distributed these assets in multiple transactions, including sending 1,545 BTC ($85 million) to a hot wallet on the Bitbank exchange.
The broader crypto market has also seen significant volatility, with Bitcoin’s price dropping below $54,000 and the overall market experiencing over $665 million in daily liquidations across centralized exchanges.
As the Mt. Gox saga continues to unfold, creditors await the return of their long-held assets, with the trustee’s announcement providing some much-needed clarity on the repayment timeline.
