Crypto News Today: Selling Pressure Growing As Mt Gox And Ethereum Payouts Coming

DISTRIBUTION OF FUNDS TO MT. GOX CREDITORS TO BEGIN ON MARCH 10Show more

Mt. Gox creditors will finally receive their repayments on March 10, as the distribution of funds by the defunct crypto exchange’s Japanese bankruptcy trustee, Nobuaki Kobayashi, is set to commence. However, the deadline for creditors to complete the “selection and registration” process is September 30, as indicated by Kobayashi.

CREDITORS MUST SELECT REPAYMENT METHOD BEFORE SEPTEMBER 30

In a notice published by Kobayashi, creditors are required to choose their preferred repayment method, provide payee information online, and indicate how they would like to receive their repayments. Originally, the deadline for this process was set for January 10, but was postponed by two months. As per the notice, those who fail to complete the process before the September 30 deadline will lose their rights in a portion of the cryptocurrency rehabilitation claims, bank remittance payments, or remittance through a fund transfer service provider.

ADDITIONAL MATERIALS PUBLISHED BY KOBAYASHI

Kobayashi also published additional explanatory materials, which include a notice regarding the amendment of the rehabilitation plan, permissions acquired, financial situation of Mt. Gox, income and expenditure statement, and a guide to the selection of a crypto exchange or custodian.

BITSTAMP AND BITGO APPOINTED TO ASSIST IN REPAYMENT PROCEDURES

Bitstamp and BitGo have been appointed by the Mt. Gox trustee to assist in the repayment procedures to creditors. Bitstamp has provided a comprehensive description of how affected creditors can register to reclaim their digital assets through the exchange, but has acknowledged that payments may take up to three months to be processed.

CREDITORS CAN CHOOSE BETWEEN BITCOIN, CASH OR BITCOIN CASH FOR REPAYMENT

Almost a decade after the attack that forced Mt. Gox to shut down, creditors are given the option to choose between bitcoin, cash or Bitcoin Cash to receive their repayments. The process could make the frozen crypto assets liquid again, depending on the entitled users’ choices. However, those who choose to receive their repayment in bitcoin are reportedly posing a new selling threat to an already battered market.

EARLY LUMP-SUM REPAYMENT OFFERS CREDITORS 15%-25% OF WHAT THEY HELD

Rather than waiting for another 3 to 5 years, the Early Lum-Sum Repayment enables creditors to recover between 15%-25% of what they actually held on the exchange. The liquidity option also allows them to choose which assets they would like to be paid back in BTC and/or BCH or cash.

CONCLUSION

The distribution of funds to Mt. Gox creditors on March 10 will come as a relief to many who had written off their bitcoin holdings in the exchange. However, creditors must select their repayment method before September 30, failing which they will lose their rights to a portion of the rehabilitation claims. Bitstamp and BitGo have been appointed to assist in the repayment procedures, and creditors can choose between bitcoin, cash, or Bitcoin Cash for their repayments. The Early Lum-Sum Repayment option offers creditors a chance to recover between 15%-25% of what they held on the exchange.

#mtgox #ethereum #silvergate #cryptonews

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