- Mt.Gox Investment Fund & Bitcoinica want to be reimbursed by the Mt.Gox Trustee for Bitcoin.
- Two of the biggest creditors of Mt.Gox are these two companies, which is a Bitcoin exchange that went bankrupt last year.
- All creditors will be reimbursed and payments will start on September 30, 2023.
Mt. Gox creditors have waited nearly a decade for reimbursement payouts following the collapse of one of Bitcoin’s earliest and (by then) largest exchanges.
But now with the rehabilitation process drawing towards a close, two of the defunct crypto exchange’s largest creditors have opted for a payout in bitcoin.
Mt.Gox Investment Fund decides to payout BTC
According to a report report Bloomberg, Mt. The largest creditor to the defunct Bitcoin exchange is Gox Investment Fund. They have settled for a Bitcoin payment. Bitcoinica, another top creditor seeking to recover funds in BTC after multiple hacks, is also looking for money.
Creditors consented to the reimbursement program on October 20,21. They are updating their payout details at the time they select payment options.
Mt.Gox Trustee Nobuaki Kobayashi had earlier informed creditors that the court had granted them permission to move the deadline to register payee information to 10/03/2023. The 30th of September will see the start of repayments in fiat or cryptocurrency.
According to the report, Bitcoinica and Mt.Gox Investment Fund have chosen to receive 90% of the repayments as BTC. In September, the two creditors will be paid.
What does this mean to Bitcoin?
The move is positive for Bitcoin because receiving payments in cryptocurrency significantly reduces any impact of a dump, if the Trustee had liquidated the coins to pay in fiat.
Bitcoin price rose to highs above $25k this week as the crypto market sentiment ticked up despite US regulators’ latest actions. After a dip of $23,300, Bitcoin price climbed above $24k on Friday at 11:00 ET.