For 10 years, the fear in the crypto markets has been fueled by a major crypto hack incident, but repayments are now being made. The return of billions of dollars worth of assets did not lower prices as feared, thanks to being in one of the best periods of the cycle.
Mt Gox Latest Update
The Mt Gox trustee board, which announced that payments would start in July 2024, has been pumping BTC to exchanges for nearly two months. The board, which transferred hundreds of millions of dollars worth of assets to exchanges at once, announced that the repayments are almost complete.
Announcement on Repayments
In today’s announcement, the exchange stated that payments have been made for 19,000 creditors. Estimates suggested there were a total of 24,000 creditors. However, not all of them may be able to meet the legal requirements to receive the repayments. Therefore, the Mt Gox board has agreed with six exchanges and asked the creditors to meet the conditions.
Remaining Assets and Next Steps
According to this announcement, we learn that the remaining $2.7 billion worth of BTC held by the Mt Gox board belongs to creditors who have not met the conditions. They may have passed away or may not be aware of the conditions they need to meet. They may be elderly. There are many reasons. So, we can say that “repayments are almost complete” and it can be assumed that the maximum extra supply of $2.7 billion will not be entirely transferred to exchanges in the future.
Therefore, the 10-year FUD is officially over, and crypto can breathe a sigh of relief.
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