Creditors of Mt Gox may experience delays of up to three months in receiving their bitcoin or bitcoin cash repayments, depending on the designated crypto exchanges through which claims were made, according to an announcement by the trustee.
The trustee of the defunct crypto exchange disclosed today that repayments have commenced to designated crypto exchanges as per the rehabilitation plan. The timeline for payouts to become visible in creditors’ accounts varies: Kraken has been allocated 90 days for processing, Bitstamp up to 60 days, while BitGo will display payouts within 20 days. SBI VC Trade and Bitbank are set to complete payouts within 14 days.
“Each Designated Cryptocurrency Exchange, etc. is obligated to add the number of BTC/BCH to the balance of a rehabilitation creditor’s account (or to transfer BTC/BCH to a wallet linked to the account) within a certain number of days after the day the BTC/BCH are transferred from the Rehabilitation Trustee,” the trustee explained in the document.
The trustee assured that repayments to eligible creditors will be promptly executed upon meeting specific conditions, including account validity confirmation, agreement subscription by designated crypto exchanges, and finalization of discussions with the trustee.
Earlier today, Mt Gox transferred 47,228.7 BTC (approximately $2.71 billion) to a wallet, subsequently distributing assets in multiple transactions, including sending 1,545 BTC ($85 million) to a hot wallet on crypto exchange Bitbank, according to data from Arkham.
Bitcoin’s price experienced volatility, dipping below $54,000 during the day, with the largest cryptocurrency currently trading at $54,270, reflecting a 6.48% decline over the past 24 hours. The broader crypto market observed over $665 million in daily liquidations across centralized exchanges.