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    Home»Cryptocurrency»Mt. Gox Conducts Test Transactions on Bitstamp Ahead of Bitcoin Repayments: Report
    Cryptocurrency

    Mt. Gox Conducts Test Transactions on Bitstamp Ahead of Bitcoin Repayments: Report

    July 22, 20244 Mins Read


    The defunct cryptocurrency exchange Mt. Gox is preparing
    to repay its creditors through the Bitstamp exchange, Cointelegraph reported, citing recent on-chain activities.
    The cryptocurrency exchange has reportedly executed test transactions that hint
    at imminent large-scale repayments.

    Mt. Gox has been dormant since it collapsed a decade
    ago, but recent on-chain fund movements indicate that creditor repayments could
    be approaching. The first test transactions to Bitstamp cold wallets were
    reportedly flagged by blockchain intelligence firm Arkham Intelligence on July
    22.

    Amid the anticipation, crypto investors are
    speculating about the potential downward pressure on Bitcoin‘s price. This step
    marks a significant milestone for the 127,000 creditors owed more than $9.4
    billion worth of Bitcoin .

    As of July 17, more than 36% of the Bitcoin owed to
    creditors had already been distributed. The address associated with Mt. Gox
    currently holds over 90,300 Bitcoin, valued at $6.12 billion. While the exact
    timing of the repayments remains unclear, the recent test transactions on
    Bitstamp suggest that the final preparations are underway.

    In June, the crypto exchange announced plans to start
    repaying its users. The rehabilitation trustee mentioned that repayments will
    be processed in Bitcoin and Bitcoin Cash starting this month. The repayments will be made through the selected
    exchanges, and the order of payment will reportedly depend on the respective
    exchange.

    Payments after More than a Decade

    According to a note from the exchange , the
    rehabilitation trustee will start the repayment process for its customers since
    it lost 850,000 Bitcoins. The firm mentioned that it had completed the
    exchange and confirmation of the required information with certain
    cryptocurrency exchanges.

    Last year, Mt.Gox’s creditors started receiving compensation
    for their losses after the crypto exchange collapsed. In a report by Finance Magnates, several Mt. Gox creditors took to social media to confirm
    receiving payments for their blocked Bitcoin deposits in fiats. Nobuaki
    Kobayashi, the trustee managing the collapsed exchange’s estate, forwarded
    emails to the rehabilitation creditors the previous month confirming the
    commencement of payments.

    The defunct cryptocurrency exchange Mt. Gox is preparing
    to repay its creditors through the Bitstamp exchange, Cointelegraph reported, citing recent on-chain activities.
    The cryptocurrency exchange has reportedly executed test transactions that hint
    at imminent large-scale repayments.

    Mt. Gox has been dormant since it collapsed a decade
    ago, but recent on-chain fund movements indicate that creditor repayments could
    be approaching. The first test transactions to Bitstamp cold wallets were
    reportedly flagged by blockchain intelligence firm Arkham Intelligence on July
    22.

    Amid the anticipation, crypto investors are
    speculating about the potential downward pressure on Bitcoin‘s price. This step
    marks a significant milestone for the 127,000 creditors owed more than $9.4
    billion worth of Bitcoin .

    As of July 17, more than 36% of the Bitcoin owed to
    creditors had already been distributed. The address associated with Mt. Gox
    currently holds over 90,300 Bitcoin, valued at $6.12 billion. While the exact
    timing of the repayments remains unclear, the recent test transactions on
    Bitstamp suggest that the final preparations are underway.

    In June, the crypto exchange announced plans to start
    repaying its users. The rehabilitation trustee mentioned that repayments will
    be processed in Bitcoin and Bitcoin Cash starting this month. The repayments will be made through the selected
    exchanges, and the order of payment will reportedly depend on the respective
    exchange.

    Payments after More than a Decade

    According to a note from the exchange , the
    rehabilitation trustee will start the repayment process for its customers since
    it lost 850,000 Bitcoins. The firm mentioned that it had completed the
    exchange and confirmation of the required information with certain
    cryptocurrency exchanges.

    Last year, Mt.Gox’s creditors started receiving compensation
    for their losses after the crypto exchange collapsed. In a report by Finance Magnates, several Mt. Gox creditors took to social media to confirm
    receiving payments for their blocked Bitcoin deposits in fiats. Nobuaki
    Kobayashi, the trustee managing the collapsed exchange’s estate, forwarded
    emails to the rehabilitation creditors the previous month confirming the
    commencement of payments.



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