In a recently published update, Mt. Gox reported that it has repaid Bitcoin (BTC) and Bitcoin Cash (BCH) to more than 17.000 of its creditors, continuing with the rehabilitation plan that was approved in court.
The statement was shared by the trustee of Mt. Gox, Nobuaki Kobayashi, highlighting that the Bitcoin and Bitcoin Cash refunds made to date have served to settle part of the debt that the failed exchange has had for 10 years with a large number of users, who were affected by the massive hack that the platform suffered and that led to its bankruptcy.
These cryptocurrency redemptions began on July 5, as indicated by the exchange's trustee, marking one of the most important and anticipated events in the cryptocurrency community.
Three Bitcoin refunds to date
Since July 5 of this year, when the refund process by Mt. Gox began, the platform has managed to return Bitcoin and Bitcoin Cash to more than 17.000 creditors, marking a significant milestone in the recovery of lost funds. It should be noted that these users had been waiting for more than a decade to get their crypto assets back.
To date, the platform has made three significant payments in Bitcoin and Bitcoin Cash, which took place on July 5, 16 and 24, through designated cryptocurrency exchange platforms and in accordance with the rehabilitation plan established, Indian the Mt. Gox Rehabilitation Trustee.
Regarding creditors who have not yet received their respective payments, the trustee has indicated that the missing repayments will be made in a timely manner once certain requirements are verified, such as the validity of the registered accounts and the acceptance of the necessary agreements by cryptocurrency exchange platforms.
Mt. Gox has until the end of October this year to repay its creditors around 142.000 bitcoins, worth more than $9.000 billion, according to the bitcoin price at the time of writing this article.
How many bitcoins are still in the possession of the failed exchange?
Despite the refunds made to date, Mt. Gox still retains a considerable amount of bitcoins in its associated wallets.
According to data from the Arkham Intelligence platform, Mt. Gox still has 46.160 BTC in its possession. This means that approximately 67% of the bitcoins that were in the exchange's possession have been redistributed to creditors, which is equivalent to more than 95.000 BTC.
The platform's last bitcoin move occurred on July 31, with the transfer of 33.960 BTC to two Bitcoin addresses possibly associated with BitGo, platform analysts said. This leaves Mt. Gox with approximately $3.060 billion in Bitcoin still to be repaid.
What happened to Mt. Gox?
Mt. Gox was one of the largest and most prominent cryptocurrency exchange platforms at the time, but its reputation plummeted in 2014 following a hack that resulted in the loss of approximately 850.000 BTC, which is equivalent to billions of dollars in the world. present.
After the collapse, Mt. Gox began a rehabilitation process that has lasted a decade. During this time, creditors have struggled to recover their funds, while the rehabilitation trustee has worked to liquidate the exchange's remaining assets and comply with the legal requirements set forth by Japanese law. This process has been complicated and has faced numerous obstacles, but the recent redistribution of funds has renewed hope among creditors to recover their funds.
In recent days, the exchange's movements in bitcoin and bitcoin cash have generated speculation about possible selling pressure in the market. However, analysts suggest that Mt. Gox's creditors are more inclined to hold onto its assets rather than sell them, which could contribute to market stability in the future.
Blockchain data analysis firms, such as Glassnode, have noted that many of the Mt. Gox creditors who have recovered their funds are committed “HODLers,” who have been in the cryptocurrency ecosystem since its inception and who believe in the potential long-term growth of Bitcoin. This has led to the perception that, although the refunds are good news, a sell-off of the recovered bitcoins by their holders is not expected.
At the close of this edition, the bitcoin price It is around $64.000 dollars per unit, showing a correction of 2% in the last few hours and a slight recovery of 0,95% in the last month, since the refunds of the failed exchange began.
