Mt. Gox Repayment Wait: Up to 3 Months for Creditors Depending on Exchange
Mt. Gox, the defunct crypto exchange, begins repaying creditors after years of waiting. However, the time it takes to receive your Bitcoin or Bitcoin Cash depends on the exchange you used to file your claim. Some exchanges may take up to 3 months, while others process payouts much faster.
Because Bitcoin
July 5, 2024
The Block reported that Holders owed money by the defunct Mt. Gox exchange might wait up to three months to get their Bitcoin or Bitcoin Cash back. This wait time depends on the crypto exchange they used to file their claim.
The exchange's trustee just started sending repayments to some partner exchanges, following their rehabilitation plan. Different exchanges will take varying lengths of time to process these payouts and credit them to your account. For instance, Kraken could take up to 3 months, while BitGo could be as fast as 20 days.
The exact wording in the trustee's document says exchanges must credit your account or transfer the Bitcoin/Bitcoin Cash within a set timeframe after they receive it.
The trustee emphasizes that eligible creditors will be repaid quickly, but only if they meet certain requirements. These include confirming their account validity, agreeing to terms set by the chosen exchange, and finalizing discussions with the trustee.
Earlier today, Mt. Gox transferred a large amount of Bitcoin (around $2.7 billion worth) to a wallet. This was then broken down into smaller transfers, including one sending $85 million worth of Bitcoin to a Bitbank exchange wallet, according to data trackers.
Resources: