Here is why the greatest creditors of Mt. Gox want to be paid in Bitcoin: Report

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The greatest creditor of the bankruptcy cryptocurrency exchange Mt. Gox have chosen a payment option that enables you to receive a flat -rate amount of your payment in bitcoins instead of fiat.

The creditors, the now dissolved crypto exchange Bitcoinica and the MT GOX Investment Fund (MGIF), put together a fifth of the bankruptcy claims.

The biggest believers from GOX opt for Bitcoin payment

Both companies have decided to receive up to 90 % of their claims in BTC during the early payment planned for September 2023, Bloomberg reported on Friday, citing the matter.

An early payment means that the creditors do not have to wait another nine years until Mt. Gox has enclosed all of his legal disputes, although the waiting would offer higher payouts.

The decision of Bitcoinica and MGIF to receive early payment in BTC, relieves concerns about a massive Bitcoin sale in the coming months, since Nobuaki Kobayashi, the insolvency administrator, does not have to liquidate assets on the free market for the repayment.

Bitcoin worth over 3.5 billion USD with Mt. Gox Trustee

mt. GOX became unable to pay nine years ago after a devastating hack, which led to the theft of 850,000 BTC worth $ 460 million at the time of the incident. Since its bankruptcy, the company has been deep in the paperwork and is planning how creditor can best be compensated.

In September 2019, the stocks of the trustee contained 141,686 BTC, 143,000 Bitcoin cash (BCH) and 69 billion Japanese yen with a current value of $ 3.4 billion, $ 18 million or $ 512 million

creditors have time

until March 10th

in July 2022 Kobayashi announced that creditors could claim up to 90 % of the assets in the form of early payments via BTC, BCH or Fiat instead of waiting for the company for another five to nine years.

According to a report in January, the creditors now have time until March 10, to accept an offer for an early flat payment. If you agree, you must also register before the deadline has expired and select a payment option.

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