Mt Gox began repaying some creditors in bitcoin and bitcoin cash on Friday, its restructuring manager said.
The repayments will be made through some of the cryptocurrency exchanges designated under the rehabilitation plan, the administrator said in a statement today.
Repayment to eligible creditors will be “immediate” upon meeting certain conditions, including verification of the validity of the registered account, acceptance of the contract by the designated cryptocurrency exchange, and completion of discussions with the trustee.
“We are asking eligible rehabilitated creditors to please be patient,” Mt Gox administrators said.
The redemption announcement came after Mt Gox moved 47,228.7 BTC. The assets were transferred in several transactions, including sending $1,545 to the wallet earlier today (approximately $2.71 billion). Bitcoin
-5.50%
According to The Block’s Bitcoin price page, the Bitcoin price plunged below $54,000 at one point today, with the largest cryptocurrency currently trading at $54,363, down 7.6% over the last 24 hours.
According to Coinglass data, over $665 million in liquidations have taken place across the broader cryptocurrency market on centralized exchanges in the past 24 hours, as Bitcoin faces massive selling pressure and Mt. Gox continues to move to pay out.
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