Mt. Gox investment fund has no plans to sell its owed BTC
Mt. Gox Investment Fund, the defunct Bitcoin exchange’s largest creditor, has no plans to sell the Bitcoins it will receive later this year.
According to a March 9 Bloomberg report, Mt. Gox Investment Fund to retain the assets owed to it in September.
The fund filed a claim against Mt. Gox, which went bankrupt in 2014. The report added that it opted for an early payout this year instead of waiting for all the lawsuits to be resolved.
The unnamed source said the fund would get 90% of what is collectible. This will be split into around 70% Bitcoin and 30% cash. However, there were no details about the actual amount of BTC.
Mt. Gox creditors have until Friday to decide on a September payout or wait for the possibility of better claims. According to an announcement on March 7, the creditor election and registration deadline was moved from January 10 to March 10.
It noted:
“Rehabilitation creditors who have not completed the selection and registration by the deadline will not be able to receive any of the repayments.”
Mt. Gox Bitcoin Stash to be unleashed soon
According to filings, the bankrupt had a stash of 141,686 BTC as of September 2019. At current prices, the Bitcoin hoard is worth around $3 billion.
It also contained 69 billion Japanese yen (around $500 million) and 143,000 Bitcoin Cash (BCH) worth around $16.7 million. The creditors approved the rehabilitation proposal in October 2021.
Furthermore, the trustee sold around 35,800 BTC and 34,000 BCH between December 2017 and February 2018.
BTC was priced at around $700 when Tokyo-based Mt. Gox suspended trading in February 2014. Since then, it has increased in value by around 3,000% to its current level.
At its peak, Mt. Gox the world’s largest Bitcoin exchange. It handled 70% of global BTC trading volume back in 2013.
Will creditors sell or Hodl?
Crypto investors have been worried about so many coins flooding the market and crashing prices. However, the biggest creditor’s decision to hold should ease some of those concerns.
According to Mt. Gox Legal, a cooperative created for former customers, the total number of approved claims from creditors is 799,722.6 BTC.
On March 8, BeInCrypto reported that seized BTC from the Silk Road raid had been moved by wallets linked to US government law enforcement.
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Disclaimer
BeInCrypto has reached out to the company or person involved in the story for an official statement on the latest development, but has yet to hear back.
