Payment dates of more than 137,000 Bitcoins (BTC) to customers of the hacked platform Mt. Gox, which were initially scheduled for the end of August, appear to have been pushed back once again. In fact, the latest document published on the platform website on August 31 reveals that “The Restriction Reference Period” has been accepted by the court, starting on September 15, with an indefinite end period. It is important to note that this does not imply that payments should start on September 15, 2022 according to Japan time. Mt. Gox used to be the largest Bitcoin exchange in the world, but after scandals involving attacks, insolvency, and the arrest of the CEO, the exchange has become a threat to the cryptocurrency market. According to Django Bits, the alleged operator of a channel for Mt. Gox, this refund process could “go on for years”.
As mentioned before, the trustee is not yet ready to pay out. There will be a KYC process, he has to explain how payouts will happen etc, he has to collect bank account data and so on. This will drag for months if not years. Nothing the trustee does is quick.— Django Bits (django.tez) (@djangobits) August 31, 2022
“As mentioned above, the administrator is not ready to pay yet. There will be a KYC process, you have to explain how payments will be made etc, you have to collect bank account details etc. This will go on for months, if not years. Nothing Mt. Gox does is fast.”
The KYC process mentioned above, Know Your Customer or, in Portuguese, Know Your Customer, will serve to collect data from victims, so that refunds can be made correctly.
Investors keep an eye on the balance of Mt. Gox
Mt. Gox BTC balance. Source: Glassnode Given the conversation around the payment process, investors have been tracking the balance of the exchange, which can be traced with the metric indicating that 137,890 BTC is in Mt. Gox. Much is said about impact the payment would have on the cryptocurrency market. As Bitcoin is currently experiencing turbulent activity, there is concern that Mt. Gox would sell its recovered BTC’s, causing even more market turmoil. However, this may not be the case, as when lenders submitted their registration request for repayment, they were given the option of receiving their Bitcoin early, in the form of a partial payment of a fixed amount, or waiting until completion. of the same. civil rehabilitation process, at which point more money would be available for distribution.
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