Mt.Gox wants to pay out 142,000 Bitcoin

As members of the subreddit MtGoxInsolvency report, the bankruptcy administrators of the Bitcoin exchange Mt.Gox are preparing to pay out about 142,000 BTC. According to the report, yesterday, Jan. 22, creditors submitted a receive email to confirm their identity and disbursement addresses.

Some creditors received in December 2023 already refunds through PayPal, but not in BTC. It is not yet clear when Mt.Gox will begin paying out in Bitcoin.

Mt.Gox lost a total of 850,000 Bitcoin during the 2014 hack. The trustees were able to recover 142,000 BTC and now want to pay it out to investors who had already bought Bitcoin before the exchange collapsed. Because these Bitcoin investors are theoretically sitting on huge, unrealized gains, some in the crypto space fear a crash.

Wrongly, says major bank UBS. The Swiss bank does not believe a large amount of Bitcoin will actually reach the market. Creditors will keep their BTC, it says.

At the time of writing, the cryptocurrency is trading at $39,000, down nearly 10 percent over the past seven days.