Summary of Mt Gox Investment Fund Plans
• The Mt Gox Investment Fund has purchased claims against the now-defunct cryptocurrency trading platform and opted to receive an early payout in September instead of waiting for the conclusion of all legal proceedings related to the downfall of the exchange.
• The payout will constitute 90% of the total collectible amount, with approximately 70% of it being in Bitcoin and 30% in cash.
• UBS strategists have stated that the upcoming Mt. Gox bankruptcy repayments are unlikely to impact the price of Bitcoin due to most early adopters still being crypto believers.
Mt Gox Investment Fund Announces Decision
The Mt Gox saga continues as the Mt Gox Investment Fund announces its decision to hold on to the Bitcoins that are set to be returned later this year. The fund has purchased claims against the now-defunct cryptocurrency trading platform and opted to receive an early payout in September instead of waiting for the conclusion of all legal proceedings related to the downfall of the exchange.
Early Payout of 90% in Bitcoin and CashAccording to a report by Bloomberg, the payout will constitute 90% of the total collectible amount, with approximately 70% of it being in Bitcoin and 30% in cash. However, the exact quantity of Bitcoin that the fund anticipates receiving has not been revealed. The decision to hold on to the recovered Bitcoins is significant since bankruptcy trustee is expected to repay creditors with Bitcoin as well.
Impact on Price
Unlikely To Impact Bitcoin PriceUBS strategists have stated that upcoming Mt.Gox bankruptcy repayments are unlikely impact priceofBitcoin . Accordingto strategists , impacton marketofrepaymentsisdifficulttopredict ,andit isunlikelythatmostthemwillreachmarketduetomostearlyadoptersstillbeingcryptobelievers .Creditorsare setsreceivefundsSeptember ,withoptionchoosingfiat orcryptopayments .
Deadline For Creditors‘ Payment Preferences ExtendedThe cutoff datefor rehabilitation creditorsregistertheirpaymentpreferenceshasbeenpostponed .Newdeadline selectionandregistrationisMarch 10 ,whichgivesmoretimecreditorstocompleteprocess .Extensionwasgrantedaftertrusteereceivedrequestsfromseveralcreditorswhoneededmoretimetoregistertheirpaymentpreferences .
Rehabilitation Plan Under Development
MtGox RehabilitationPlanUnderDevelopmentForMultipleYearsMtGox ,bankruptcryptocurrencyexchange ,hasbeenworkingitsrehabilitationplanseveralyearsnow .Exchangewentbankrupt2014afterithacked850,000Bitcoinsstolen .MarkKarpeles ,exchange’sformerCEO ,latersentencedtwohalfyearsprisonembezzlementandfalsifyingdata .