Refund from Mt. Gox Coming Soon With Fears Of Unloading Bitcoin From Ghost Market

mountain. Gox, file Bitcoin The exchange, which was forced to close eight years ago after a devastating hack, has most dangerous It will start reimbursing previous users “in due course”.

According to Wednesday’s notice to creditors released by Mt. Gox’s guardian, Nobuaki Kobayashi, formerly of Mt. Gox customers have until September 15 to submit or transfer a claim.

The defunct cryptocurrency exchange – once the world’s largest – shut down in 2014 after losing 850,000 bitcoins (worth $16.8 billion today) in Huge hack.

Since then, the former mount. Gox users waited for payments after a long and protracted legal battle: the plan to rehabilitate the defunct exchange was delayed several times Former CEO Mark Karpeles was sued for fraud and negligence (which was… canceled last year).

“The date of the basic payment is determined by the Rehabilitation Trustee with the permission of the court as the appropriate date for payment and will be determined in due course,” the notice said on Wednesday.

The document said all creditors would receive a “primary payment” and could choose to receive the rest of their money through an early down payment or receive it later. The document added that creditors who file claims after September 15 may not be processed.

The primary payment deadline has not been announced.

Earlier this week, rumors Spread on Twitter that Mt. Gox was supposed to release refunds this week – but it did eviction Online by former users, such as Eric Wall, former chief investment officer of Arcane Assets.

Some have speculated that Mt. Gox money could drive down the price of the world’s largest cryptocurrency. But the current plan includes freeing up bitcoin and cash from liquidated bitcoin in batches, presumably to avoid this kind of market shock. The official timeline for when the funds will be released isn’t public either, as yesterday’s document indicated.

At the time of writing, Bitcoin is trading at $19,795, down 1.7% in 24 hours, according to CoinGecko.

Tokyo-based Mt. Gox was once the largest crypto exchange, handling more than 70% of global Bitcoin trading. But the exchange lacked security, and the theft, in which criminals siphoned off funds from more than 24,000 customers, remains one of the biggest hacks in crypto history.

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