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Home»ADOPTION NEWS»Mt Gox to Start Accepting Redemptions in Bitcoin and Bitcoin Cash: Trustee
ADOPTION NEWS

Mt Gox to Start Accepting Redemptions in Bitcoin and Bitcoin Cash: Trustee

By Crypto FlexsJuly 5, 20242 Mins Read
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Mt Gox to Start Accepting Redemptions in Bitcoin and Bitcoin Cash: Trustee
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Market • July 5, 2024 3:29 AM EDT

Posted 1 minute earlier In ~

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 Arkham data, $85 million was deposited into the hot wallet of cryptocurrency exchange Bitbank.

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.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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