The bankrupt Mt. gox cryptocurrency stock exchange’s largest creditor, due to be paid to him this year. Bitcoin announced that it plans to keep it rather than sell it.
Mt. Gox’s Biggest Creditor Won’t Sell Its Bitcoins
Having purchased claims against the bankrupt digital asset platform, Mt. Gox Investment Fund does not plan to sell the tokens that are scheduled to be returned in September, according to a person close to the fund’s thinking and who asked not to be identified while discussing proprietary information on the matter.
The fund in question chose to make an early payment in September rather than wait for all cases related to the crashing stock market to be resolved. The related source said that the fund will receive 90% of the collectible amount, roughly 70% in Bitcoin and 30% in cash. Officials declined to specify the amount of Bitcoin the fund expects to receive.
Mt. Gox creditors have until March 10 to decide whether to choose the September payment or wait longer to get a higher percentage of their receivables back. The Tokyo-based platform was once the largest Bitcoin exchange, but went bankrupt in 2014 after losing some client assets.
According to previous documents, the bankruptcy trustee had a treasury of cash and Bitcoin Cash coins, along with 141,686 Bitcoins as of September 2019. At current prices, this BTC is worth about $3.1 billion.
Crypto investors have long worried about the consequences if many of the tokens are sold while the claims are settled. Bitcoin has partially recovered from a crash this year, but that recovery is fading and the world’s largest digital asset is trading around $47,000 away from the record $69,000 set in 2021.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!