The main creditor of Mt. Gox chose to have an advance payment in Bitcoin (BTC), deciding not to wait any longer for an even larger payment.
Mt. Gox Investment Fund, the largest creditor of the defunct cryptocurrency exchange, allegedly decided take a chance on a smaller payment but sooner instead of waiting for all the legal processes to be resolved. This means that the creditor will be paid in September of this year instead of potentially waiting another nine years before recovering their funds.
According to Bloomberg, opting for the earlier payment means that the creditor will take only 90% of what is owed and the bankruptcy trustee does not have to sell tokens to acquire trust funds for the payment, since the creditor also chose to receive the payment. in BTC. . This will alleviate market concerns that token sales of that magnitude could have a negative impact on the BTC market, even affecting the broader crypto market.
Other swap creditors also have until March 10 to decide whether they want to wait for a higher payout percentage or take the earlier repayment in September.
Related: Mt. Gox Creditors Dismiss Rumors of Massive Bitcoin Dump
On January 6, Mt. Gox Trustee Nobuaki Kobayashi urged creditors to complete the necessary steps before the established deadline and wrote that creditors who do not do so will not be able to receive their funds or will have to take the documents to the head office in Japan and receive payments in Japanese yen.
Mt. Gox used to be considered the world's largest cryptocurrency exchange before going bankrupt in 2014 after 750,000 of its clients' BTC and 100,000 of its own Bitcoin were stolen. At the time of the incident, the funds they were only worth about $473 million. However, at current market prices, it's worth around $20 billion.
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