According to a trustee document, some creditors of the bankrupt Bitcoin exchange Mt. Gox may need to wait up to three months to receive their Bitcoin (BTC) or Bitcoin Cash (BCH) repayments, depending on which cryptocurrency exchange they filed their claims through.
On Friday (5th), Mt. Gox’s trustee announced that the exchange has begun repayments to certain creditors through specified cryptocurrency exchanges as part of its rehabilitation plan. The trustee previously outlined that the timing of payments appearing in creditors’ accounts may vary by exchange, with Kraken given 90 days for processing repayments, up to 60 days for Bitstamp, repayments on BitGo showing within 20 days, and SBI VC Trade and Bitbank expected to complete payments within 14 days.
In the document, the trustee stated that repayments to qualifying creditors will be made promptly, subject to conditions such as validating registered accounts, accepting agreements with designated cryptocurrency exchanges, and concluding discussions with the trustee.
A user on social platform X today reported receiving BTC and BCH repayments from Mt. Gox into their designated exchange account, but expressed uncertainties regarding the repayment process. Responding to queries from other users, the individual noted receiving compensation equivalent to 13% of their original holdings in their Mt. Gox account, unsure if this percentage is accurate.
According to data compiled by Arkham, earlier today Mt. Gox’s wallet transferred 47,228.7 BTC (approximately $2.71 billion) to another wallet, followed by several transactions including sending 1,545 BTC (about $85 million) to Bitbank’s hot wallet at a cryptocurrency exchange.
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