Mt. Gox Creditors: Wait Up to Three Months for Bitcoin or Bitcoin Cash Repayments from Designated Exchanges

Tokyo, Tokyo Japan
Mt. Gox creditors may wait up to three months for bitcoin or bitcoin cash repayments
Mt. Gox moved $2.71 billion in BTC from its wallet on July 5
Repayment timelines vary depending on designated crypto exchanges: Kraken (90 days), Bitstamp (60 days), BitGo (20 days), SBI VC Trade and Bitbank (14 days)
Trustee started making repayments on July 5, 2024
Mt. Gox Creditors: Wait Up to Three Months for Bitcoin or Bitcoin Cash Repayments from Designated Exchanges

Mt. Gox creditors may face a wait of up to three months to receive their bitcoin or bitcoin cash repayments, according to a trustee document. The timeline for payouts varies depending on the designated crypto exchanges handling the transactions.

The trustee of the defunct crypto exchange announced on July 5, 2024, that it had started making repayments based on the rehabilitation plan. Each Designated Cryptocurrency Exchange is obligated to add a certain percentage to a rehabilitation creditor's account or transfer BTC/BCH to a wallet linked to the account within a specific time frame after receiving it from the Rehabilitation Trustee.

For instance, Kraken is given 90 days for payouts, while Bitstamp may take up to 60 days. BitGo will complete payouts within 20 days, and SBI VC Trade and Bitbank will both finish within 14 days.

The trustee document also noted that repayments to eligible creditors would be made promptly if they meet certain conditions, including confirmation of the validity of registered accounts, acceptance of the intention to subscribe to an agreement by designated crypto exchanges, and completion of discussions with the trustee.

Meanwhile, Mt. Gox moved 47,228.7 BTC (approximately $2.71 billion) from its wallet on July 5 and later transferred a portion to Bitbank.

Bitcoin's price dropped below $54,000 at one point during the day but recovered slightly to trade around $54,270 as of press time. The broader crypto market saw over $665 million in daily liquidations across centralized exchanges.


Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image

Confidence

90%

Doubts
  • Are there any potential delays or complications in the repayment process?
  • Is the information about repayment timelines for all designated exchanges accurate?

Sources

92%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Bitcoin Prices Rally Nearly 6% After Plunging To Lowest Since February

Forbes Magazine Charles Lloyd Friday, 05 July 2024 00:00
  • Unique Points
    • Bitcoin prices bounced back today after falling to a four-month low of $53,717.34.
    • Several analysts attributed the price fluctuations to bitcoin becoming oversold and concerns regarding Mt. Gox BTC recipients dumping their bitcoin.
  • Accuracy
    • , Bitcoin prices bounced back today after falling to a four-month low of $53,717.34.
    • , Bitcoin was pressured by news of Mt. Gox preparing distribution of around $9 billion worth of coins to users, which is expected to lead to significant selling action.
    • Mt Gox creditors may need to wait up to three months to receive their bitcoin or bitcoin cash repayments.
  • Deception (80%)
    The article provides quotes from several analysts and experts in the field of cryptocurrency, but it is important to note that these quotes are not deceptive practices by the author. The author is reporting on their opinions and providing context for bitcoin's price fluctuations. However, there are instances of selective reporting in this article. The author mentions that 'several media reports pointed to the announcement that the trustee for Mt. Gox had started making payments to certain creditors as the reason why the digital currency fell to its lowest in over four months within the last 24 hours.' This statement implies that this was the sole cause of bitcoin's price drop, but it is likely that there were other factors at play. The author could have mentioned these other factors or provided more context to avoid giving a misleading impression. Additionally, there are instances of emotional manipulation in the article through phrases such as 'the cryptocurrency had become oversold' and 'the market believes that level is in the mid-to-high 50’s.' These phrases create a sense of urgency and may influence readers to make impulsive decisions based on their emotions rather than rational analysis.
    • The market believes that level is in the mid-to-high 50’s
    • The cryptocurrency had become oversold
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

77%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Over $170 billion wiped off cryptocurrencies as market tanks on Mt. Gox bitcoin payout fears

CNBC News Ryan Browne Friday, 05 July 2024 08:41
  • Unique Points
    • Mt. Gox trustee began making repayments in bitcoin and bitcoin cash to some creditors through designated crypto exchanges
    • Bitcoin was pressured by news of Mt. Gox preparing distribution of around $9 billion worth of coins to users
  • Accuracy
    • Bitcoin's price was last lower by nearly 3% to $56,571.00
  • Deception (30%)
    The article contains selective reporting as it only mentions the negative impact of the Mt. Gox payout on cryptocurrency prices without mentioning any potential positive effects. It also uses sensationalist language in its title and throughout the article to grab readers' attention.
    • , The slump in crypto prices led to hefty liquidations in the derivatives markets.
    • , At one point in time, the entire cryptocurrency market had shed more than $170 billion in combined market capitalization in a 24-hour period.
    • , Bitcoin’s price was last lower by nearly 3% to $56,571.00, according to Coin Metrics.
    • Cryptocurrencies plunged Friday as investors focused on the payout of nearly $9 billion to users of collapsed bitcoin exchange Mt. Gox.
  • Fallacies (75%)
    The article contains a few instances of inflammatory rhetoric and appeals to authority, but no formal logical fallacies. The author reports on the market reaction to the Mt. Gox bitcoin payout without endorsing or opposing it. The author also includes expert opinions and analysis from other sources, which helps contextualize the situation but does not contribute to any fallacies.
    • ] Bitcoin's price was last lower by nearly 3% to $56,571.00
    • The world’s biggest cryptocurrency had slumped as low as $53,513.55,
    • At one point in time, the entire cryptocurrency market had shed more than $170 billion in combined market capitalization in a 24-hour period,
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

100%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Mt Gox creditors may have to wait for up to three months to receive their bitcoin

The Block Co. Timmy Shen Saturday, 06 July 2024 11:23
  • Unique Points
    • Mt Gox creditors may need to wait up to three months to receive their bitcoin or bitcoin cash repayments.
    • Each Designated Cryptocurrency Exchange is obligated to add the number of BTC +2.51% / BCH +7.09% to the balance of a rehabilitation creditor's account or transfer BTC/BCH to a wallet linked to the account within a certain number of days after receiving it from the Rehabilitation Trustee.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication