Bitcoin’s Lingering Mt. Gox Overhang Leaves Market in a State of Suspense
- Distributions have begun a decade after exchange bankruptcy
- The token payouts will happen ‘promptly,’ trustee says
The lingering uncertainty helped to drive Bitcoin lower for a fourth day, with the price reaching the lowest since February.
Photographer: Camilo Freedman/BloombergThe long-anticipated distribution of around $8 billion in Bitcoin from the failed Mt. Gox exchange is leaving the crypto market in a state of suspense even after it has begun.
On Friday, Mt Gox’s trustee announced that he “made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors.” The trustee has moved hundreds of million of dollars of tokens early on Friday Eastern time to Bitbank and to other Mt Gox accounts, according to blockchain researcher Arkham Intelligence. The trustee said payments to other creditors will be made “promptly” once their details are confirmed. Many creditors are expected to receive repayments by the end of October.