Tokyo-based cryptocurrency exchange Mt. Gox is preparing to pay its investors $9 billion in Bitcoin (BTC) and Bitcoin Cash (BCH) after years of uncertainty. The company’s official Nobuaki Kobayashi announced that payments under the Mt. Gox Rehabilitation Plan will begin in July.
A Secure and Orderly Payment Process Will Be Ensured
Mt. Gox being ready to make payments after years of legal processes and preparations is a significant development for thousands of investors affected by the cryptocurrency exchange’s collapse. According to Kobayashi’s statement, payments will be made in BTC and BCH and will be completed by transferring them to the relevant cryptocurrency exchanges. It was stated that all necessary preparations for the start of payments have been completed.
Kobayashi stated that the preparations made were to ensure that payments are carried out securely and orderly. During this process, technical solutions were planned to comply with the financial regulations of each country, and many measures were taken, such as payment arrangements made with cryptocurrency exchanges. These measures stand out as important steps taken to ensure that investors can receive their payments securely.
Payments Will Be Made Sequentially Based on Cryptocurrency Exchanges’ Preparedness
Payments will be made in the order determined by the completion and verification of necessary information by cryptocurrency exchanges. This means that some exchanges may receive payments earlier than others. The sequence of payments will depend on the readiness of the cryptocurrency exchanges’ systems to receive payments and the provision of complete and accurate information.
Kobayashi thanked all creditors for their patience and cooperation and emphasized that they are working to ensure payments are made in the safest and fastest way possible. He also noted that investors should be patient during the payment process.
Although this announcement by Mt. Gox is seen as a hopeful development for investors after years of uncertainty, it has impacted the cryptocurrency market. With the BTC supply on exchanges expected to increase significantly and the largest cryptocurrency having been in a downtrend for some time, the decline in Bitcoin has intensified. This decline in Bitcoin has unsurprisingly shaken the altcoin market as well. Currently, many altcoins are trading with significant losses, experiencing double-digit declines in the last 24 hours.
