The biggest creditors of the bankrupt cryptocurrency exchange Mt. Gox has decided to receive compensation in bitcoin instead of fiat.
In addition, the creditors requested that Mt. Gox must make a one-time payment.
According to Bloomberg, up to 90% of Mt. Gox claims to receive compensation in BTC and the payment deadline should be September this year.
If payment is made early, the creditors of Mt. Gox won’t have to wait another 9 years for Mt. Gox settles all of its lawsuits, although before that Mt. Gox said that if you give them time, the compensation could be higher.
The decision of creditors to receive an early payment in BTC will alleviate the huge selling pressure of bitcoin in the market.
Nobuaki Kobayashi, bankruptcy trustee of Mt. Gox, will not have to liquidate bitcoins on the open market to repay the debt.
Mt.Gox defaulted nine years ago after a hack that lost 850,000 BTC, worth $460 million at the time of the incident. Since the bankruptcy, the company has focused on the paperwork, planning the best compensation for creditors.
As of September 2019, trustee Nobuaki Kobayashi’s assets include 141,686 BTC, 143,000 bitcoin cash (BCH) and 69 billion Japanese yen, currently valued at $3.4 billion, $18 million, respectively. USD and 512 million USD.
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