According to a trustee document, some creditors of the bankrupt Bitcoin exchange Mt.Gox may have to wait up to three months to receive their Bitcoin (BTC) or Bitcoin Cash (BCH) repayments, depending on which cryptocurrency exchange they filed their claims through. The rehabilitation trustee of Mt.Gox announced on Friday (5th) that the exchange has begun making repayments to some creditors through certain designated cryptocurrency exchanges as per the rehabilitation plan. The trustee had previously detailed that the schedule for payment appearance in creditor accounts may vary by exchange, with Kraken given 90 days to process the repayment, Bitstamp up to 60 days, repayments on BitGo to appear within 20 days, and both SBI VC Trade and Bitbank to complete payments within 14 days.
The trustee stated in the document that repayments to eligible creditors will be made promptly if certain conditions are met, including verification of account validity, acceptance of the agreement intentions of the designated cryptocurrency exchanges, and completion of discussions with the trustee. A user on social platform X today expressed concerns about the repayment process, stating that their designated exchange account has received BTC and BCH repayments from Mt.Gox. In response to other users’ queries, the user mentioned that the BTC compensation received was 13% of the original coin holdings in their Mt.Gox account, uncertain if this is the accurate ratio.
According to data compiled by Arkham, the Mt Gox wallet earlier today transferred 47,228.7 BTC (approximately $2.71 billion) into one wallet, followed by multiple transactions moving these assets, including sending 1,545 BTC (approximately $85 million) to a hot wallet of the cryptocurrency exchange Bitbank.