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Mt. Gox Provides Important Update on Repayment Process, What It Means for Crypto Market

Thu, 7/07/2022 - 14:51
Mt. Gox Provides Important Update on Repayment Process, What It Means for Crypto Market
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Infamous cryptocurrency exchange Mt. Gox has provided a new update to its Rehabilitation Plan regarding the repayment procedure. According to the document, the Rehabilitation Trustee is currently preparing to implement repayments in accordance with the plan approved by the Tokyo District Court on Nov. 16, 2021.


Affected exchange users claiming to be repaid are invited to fill out a form, where they will need to make a number of important choices and registrations. Thus, it will be necessary to determine and fill out:

  • Whether the claimant wants to receive early lump-sum repayment or not, which usually involves receiving a certain amount in one single payment;
  • Registration of preferred method of receiving repayment in cash and registration of information about the recipient;
  • Whether to receive repayment for a portion of claims involving crypto in Bitcoin or Bitcoin Cash or not, and registration of user information from crypto exchanges or custodian.

The document also specifies that the assignment period will begin at the end of August and will last until all or part of the repayments are made. At the same time, it is specified that with the start of the assignment period, new claims will not be considered.

It should be noted that no exact dates, figures or amount of funds planned to be returned are specified in the document.

How does crypto market and its participants react?

After the publication of updated information from Mt. Gox, the opinions of crypto market participants are divided. Many believe that this is an additional factor of pressure on the quotations of cryptocurrencies, which are already at their bottom.

Many do not see a special problem here and argue that the market had already successfully absorbed large volumes of additional Bitcoin infusions before, and given the low BTC price at the moment, absorbing the redemption volume estimated at about 140,000 BTC will not require much fiat liquidity.

However, it is worth remembering that in November 2021, when the news about returning stolen Bitcoin just appeared, the price of the coin dropped 10% in five days, but then BTC was at its peak of $65,000. Maybe its too early to draw final conclusions, but it seems that we can expect anything.


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