Bitcoin News

Mt. Gox Bitcoin Whale Fund Plans to HODL After Choosing September Payout

The Mt. Gox Investment Fund intends to keep the assets owed to it in September, per a March 9 Bloomberg story. The fund sued Mt. Gox, which filed for bankruptcy in 2014. The article also stated that this year, rather of waiting for all legal matters to be completed, the company decided to pay up early.

According to the unidentified source, the fund would receive 90% of the collectible items. This will be divided around 70% into bitcoin and 30% into cash. Nevertheless, there were no specifics on how much Bitcoin was involved.

Mt. Gox creditors have until Friday to choose between receiving a settlement in September and waiting for potentially stronger claims. The creditor selection and registration deadline was pushed from January 10 to March 10, according to a March 7 notice. “Rehabilitation creditors who have not completed the Selection and Registration by the deadline will not be able to collect any of the repayments,” the statement said.

As of September 2019, records show that the bankruptcy trustee had 141,686 BTC in their possession. The Bitcoin hoard is currently worth almost $3 billion. Also, it included 143,000 Bitcoin Cash (BCH) units valued around $16.7 million and 69 billion Japanese Yen (almost $500 million). In October 2021, creditors agreed to the rehabilitation plan.

Additionally, between December 2017 and February 2018, the trustee sold about 35,800 BTC and 34,000 BCH. When Tokyo-based Mt. Gox stopped trading in February 2014, Bitcoin was trading at about $700. Its value has increased since then by almost 3,000% to where it is now. Mt. Gox was the biggest Bitcoin exchange in the world at its height. In 2013, it managed 70% of the total amount of Bitcoin trading.

The prospect of a glut of coins driving down prices has worried cryptocurrency investors. Yet some of those concerns ought to be allayed by the biggest creditor’s choice to hold. 799,722.6 BTC have been authorized as creditor claims in total, according to Mt. Gox Legal, a cooperative established for former users.

On March 8, BeInCrypto revealed that wallets linked to U.S. federal law enforcement had transferred the Bitcoin (BTC) that had been taken during the Silk Road operation.


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