Distributing funds to former users of the defunct cryptocurrency exchange Mt. Gox will start in 2023 after the designated debtor shares the final modalities of payment.
In fact, customers will receive about $1.7 billion in cash, 141,000 bitcoin (BTC) and another 142,000 bitcoin cash as of January next year, targeting about 10,000 customers globally, Re said Debtor Rehabilitation in a letter on 6 October.
Prior to payment, creditors will be required to select a payment method on the MTGOX online rehabilitation claims file system. At the same time, the debtor set a deadline of January 10, 2023 to provide the necessary information.
Notably, creditors will have to choose between four main payment options, including early repayment of the lump sum, repayment of a portion of digital assets to rehabilitate cryptocurrency, repayment by bank transfer, and reimbursement by transfer through a money transfer service provider. However, all creditors will receive an initial principal payment.
The debit schedule comes barely a month after Mt. Gox director Nobuaki Kobayashi stated that refunds will be made “in due course” after the initial delay.
It is worth noting that the return has been central to increased conversations in cryptocurrency circles. Interesting was the effect of the payment on the impact of the price of the assets in question, which can lead to significant fluctuations in the market.
In this case, it was assumed that amid Bitcoin’s constant volatility, Mt. Gox investors choose to sell Bitcoin, which leads to further turmoil in the market.
However, the speculation was suppressed after the debtor offered various payment methods. In addition, the process is expected to take several months, which eliminates the possibility of provoking volatility.
Interestingly, one section of the market believed that creditors would not sell their bitcoins outright. Most of them are likely to be early believers in Bitcoin and may hold the asset higher before selling.
Subsequent payment of 141,000 BTC for the previous mountain. Specific Gox clients appeared in January 2023 for the first time on Coinphony.