According to recent updates shared on Reddit, Mt. Gox is preparing to distribute its assets of 142,000 Bitcoin (BTC), 143,000 Bitcoin Cash (BCH) and 69 billion yen to its creditors.
In the latest development, MtGox's Kraken BTC and Bitcoin Cash payment API interfaces have been updated to say “payment is now being prepared.” The update in question was made yesterday.
Distribution is expected to occur before October 31, 2024.
The Tokyo-based exchange, which was hacked in 2011 and declared bankruptcy in 2014, has been under the spotlight since US prosecutors last year accused two Russian citizens of making secret plans to hack into the exchange's servers.
According to Arkham Intelligence, the bankrupt platform currently holds 137,892 BTC worth approximately $9.2 billion. Previous documents had revealed that Mt Gox also held Bitcoin Cash and fiat, some of which were returned to creditors.
The trustee overseeing the liquidation process stated that creditors should expect to receive basic, interim and early lump sum payments by October 31. However, a key question remains: will creditors sell their crypto, putting potential pressure on Bitcoin's market value?
*This is not investment advice.
