Mt. Gox’s Top Creditor Chooses Early BTC Payout Over Waiting for Higher Sum
The largest creditor of Mt. Gox, the defunct cryptocurrency exchange, has decided to take a smaller but earlier payout in Bitcoin (BTC) instead of waiting for all the legal processes to be completed.
This move will allow the creditor to receive its payment by September 2023 instead of potentially waiting for another nine years.
Choosing the early payout will result in the creditor receiving 90% of the amount owed without requiring the bankruptcy trustee to sell tokens for fiat currency.
Other creditors have until March 10 to decide if they want to accept the early payback in September.
Mt. Gox was the world’s largest cryptocurrency exchange until it went bankrupt in 2014 when hackers stole 750,000 bitcoins belonging to customers and 100,000 belonging to the company.
At the event’s time, the money’s total value was only around 473 million dollars. On the other hand, considering the market’s state now, its value is about $20 billion.