Mt Gox starts making repayments in bitcoin and bitcoin cash: trustee
Quick Take
- The defunct crypto exchange has started to repay creditors in bitcoin and bitcoin cash on July 5.
- Mt Gox earlier today transferred billions of dollars worth of bitcoin in several transactions.
Mt Gox has started to repay some creditors in bitcoin and bitcoin cash on Friday, its rehabilitation trustee said.
The trustee said in an announcement today that the repayments are made through a part of the designated crypto exchanges based on the rehabilitation plan.
Repayments to eligible creditors will be "promptly made" if they meet certain conditions, including confirmation of the validity of registered accounts, acceptance of the intention to subscribe to an agreement by designated crypto exchanges, as well as completion of discussions with the trustee.
"We ask eligible rehabilitation creditors to wait for a while," the Mt Gox trustee said.
The repayment announcement comes after Mt Gox moved 47,228.7 BTC (about $2.71 billion) to a wallet earlier today and later transferred the assets in multiple transactions, including sending 1,545 BTC ($85 million) to a hot wallet on crypto exchange Bitbank, according to data from Arkham.
The price of bitcoin plunged below $54,000 at one stage today, and the largest cryptocurrency is currently trading at $54,363, down 7.6% over the past 24 hours, according to The Block's bitcoin price page.
The broader crypto market saw over $665 million liquidations across centralized exchanges in the past 24 hours as bitcoin faces heavy selling pressure with Mt Gox continuing to make movements for payout, according to Coinglass data.
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