- On August 13, test transactions using a Bitcoin wallet connected to the Mt. Gox exchange started, signaling the beginning of the creditors’ repayment period.
- More than 67% of the Mt. Gox settlement has been paid back, and despite creditors receiving over $3.2 billion in Bitcoin, no discernible market impact has been seen.
Test transactions have been made using a Bitcoin wallet connected to Mt. Gox, which may be a sign of the long-awaited payment to people who held money on the exchange.
A new Mt. Gox repayment is confirmed by new test transactions
This wallet, one of the ones connected to Mt. Gox, was given 33,105 BTC by Mt. Gox only a short while ago—roughly two months or so. After price corrections, the value of Bitcoin has now dropped to $1.95 billion from roughly $2.2 billion at that time.
On August 13, Bitgo, the company generally believed to be in charge of the wallet, sent through a minor test transaction of $5.88 worth of Bitcoin. The number of exchanges coordinating Mt. Gox’s reimbursements to creditors in Bitcoin and Bitcoin Cash (BCH) has now increased to five with the addition of Bitgo. Getting these long-awaited money distributed is a big step closer with this.
67% of the Mt. Gox repayment process is over, and the market is unaffected
According to data from CryptoQuant, about 67.7% of the Mt. Gox refund process has been finished. Since the total amount of BTC repaid to creditors will exceed $3.2 billion when everything is said and done, the market price of Bitcoin remains unaffected.
Following its pronouncements, the Mt. Gox repayment process has been keenly watched. According to a research published by Glassnode at the end of July, this represents the last chapter in the significant market overhang that has affected the industry since 2013. Finally, more than 127,000 creditors will get their money back from the exchange that collapsed more than ten years ago.
The amount of debt recycling on the creditor’s list surpasses $9.4 billion—a far cry from a protracted financial tale in the realm of cryptocurrencies—and Mt. Gox finally disclosed in July that it was starting to settle the debt through other exchanges: Kraken, Bitstamp, and Bitgo.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
