Creditors of the defunct cryptocurrency exchange Mt. Gox are closer to getting repaid, according to a July 6 letter by the business’s Japanese bankruptcy trustee.
The trustee is asking creditors to register online and indicate how they want to receive their repayments. When payments will be made, and specific amounts were not outlined in the letter.
A disbursement could put pressure on Bitcoin price. The trustee held a trove of 141,686 Bitcoin, as well as cash and Bitcoin Cash coins as of September 2019, according to prior documents.
“Some Mt. Gox creditors will get Bitcoin. Some will sell them,” said Aaron Brown, a crypto investor who writes for Bloomberg Opinion. “It won’t be a significant fraction of total Bitcoin trading volume, but it might push prices down. The decline might spook some other people and we might see a further drop.”
Tokyo-based Mt. Gox -- once the world’s biggest Bitcoin exchange -- suspended all trading and went offline in February 2014 after losing about...
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