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For 10 years, the fear in the crypto markets has been fueled by a major crypto hack incident, but repayments are now being made. Due to the return of billions of dollars worth of assets, the excess supply in the markets did not lower prices as feared, thanks to being in one of the best periods of the cycle. The good news is that the major FUD is over.
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.
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.
The latest announcement is as follows:
“Following numerous repayments in July 2024, on August 21, 2024, the Rehabilitation Trustee made repayments in Bitcoin and Bitcoin Cash to some rehabilitation creditors through certain Designated Cryptocurrency Exchanges, in accordance with the Rehabilitation Plan. As a result, the Rehabilitation Trustee has repaid more than 19,000 rehabilitation creditors in Bitcoin and Bitcoin Cash to date.
Repayments to other rehabilitation creditors will be made immediately after the following conditions are met: (i) necessary information corrections and completion of required procedures by rehabilitation creditors in registered accounts; (ii) confirmation of the validity of registered accounts and other matters; (iii) acceptance of the intention to subscribe to the Agency Receipt Agreement by Designated Cryptocurrency Exchanges; (iv) completion of discussions regarding repayments between the Rehabilitation Trustee and Designated Cryptocurrency Exchanges; and (v) confirmation that repayments can be made safely and securely.”
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.
