$9 Billion of Bitcoin Closer to Being Disbursed to Mt. Gox Creditors

Mt. Gox 127,000 Creditors to Receive Funds

After a long wait, Mt. Gox creditors are finally closer to receiving the funds they are owed. Over 140,000 BTC, worth around $9 billion, were transferred from the exchange's bankruptcy estate on April 22, 2024.

Distribution Timeline

The distribution of the funds will take place in phases. The first phase will see creditors receive around 20% of their claims. The remaining funds will be distributed in subsequent phases, with the timeline depending on the complexity of the claims and the number of creditors.

Price Dip Following Transfer

Following the transfer, Bitcoin's price experienced a minor dip, dropping below $68,500. However, analysts believe that this dip is temporary and that Bitcoin's long-term prospects remain strong.

Update in Creditors' Accounts

Mt. Gox creditors have reported that their claims accounts were updated with the new balance. Creditors are advised to check their accounts and follow the instructions provided by the bankruptcy trustee to receive their funds.

The disbursement of $9 billion of Bitcoin to Mt. Gox creditors is a significant step in the resolution of the exchange's bankruptcy. Creditors have waited a long time to receive their funds, and this distribution is a welcome relief.