Mt. Gox Bitcoin creditors receive updates, $9 Billion recovery closer than ever?

By Todayq News
about 1 month ago

The global crypto industry picks up speed post mega Bitcoin halving event. The latest reports reveal that the creditors of the infamous Mt. Gox crypto exchange received updates on their claims. This marked a huge step forward in the long and tough process to recover $9 billion worth of Bitcoin. 

Mt.Gox creditors get updates

According to reports, these updates coming out had provided details on the number of digital tokens set to be returned. In some instances, repayment dates have also been disclosed. However, Mt. Gox’s trustee hasn’t made any comment on this.

CEO of Off the Chain Capital, a firm that purchased Mt. Gox claims, Brian Dixon stated “This is the first time we’ve seen an update such as this on repayment status, which is a good sign and a step in the right direction.

Dixon might have conformed a receiving a repayment date but he chose not to disclose it. The report mentioned that Adam Back, Blockstream CEO, has confirmed receiving updates on tokens but is still awaiting specific repayment dates.

This update comes in when Bitcoin just went through the much hyped Bitcoin halving event which cut down the miners’ reward. BTC price haven’t seen much surge since the completion of the event. It is up by around 4% in the last 7 days which shows a bit of uncertainty increased in the crypto market.

WIll this impact BTC price?

Bitcoin is trading at an average price of $66,047, at the press time. It’s 24 hour trading volume is stands at $24.7 billion. BTC is holding a market cap of $1.3 trillion.

However, the biggest crypto went on to breach the $67K price level on Monday, signaling a strength among investors. The fear and greed index had aslo flashing “Greed” turning up for the “Neutral stance” with 65 points.

The global digital assets market cap dropped marginally in the early trading hours of Tuesday. The cumulative crypto market cap stands at $2.43 trillion with a trading volume of $65.85 billion.

Once the leading Bitcoin exchange globally, Mt. Gox faced a massive hack in 2011. It later declared bankruptcy in 2014. Last year, US prosecutors accused two Russian nationals of being involved in the breach that led to the theft of Bitcoin. Currently, the defunct platform holds approx 137,892 Bitcoin, valued at $9.2 billion, as estimated by Arkham Intelligence.

It added that the previous records also indicated holdings of Bitcoin Cash and fiat currencies, with some fiat already returned to creditors.

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