Mt. Gox trustee confirms creditors' addresses for BTC and BCH repayments

Mt. Gox creditors are reportedly receiving emails from the collapsed crypto exchange to confirm their accounts for repayments. According to emails shared by users of social platforms such as Reddit, creditors can receive payments in Bitcoin (BTC) or Bitcoin Cash (BCH). The email reads in part:

Multiple Bitstamp and Kraken users reported getting emails from the insolvent crypto exchange. However, the exchange warned that users whose accounts have been frozen or disabled would be unable to receive future payments. Exchanges participating in Mt Gox repayments will still serve customers even in jurisdictions where they have ceased operations.

Repayment elicits concerns about BTC dump

Mt. Gox had previously delayed repayments to creditors since the blockage of withdrawals when the exchange went down in 2014. The latest emails add expectations that the exchange will finally settle the long-standing dues.

Despite the positive development, markets are preparing for the potential supply dynamics, with indications that Mt. Gox will pay up to 142,000 Bitcoins and 143,000 Bitcoin Cash. The rest is 69 billion Japanese yen, equivalent to $510 million. In particular, markets could undergo a roller coaster should the recipients of Mt. Gox dispose of their Bitcoins, resulting in potential dump with ripple effects on BTC price. The repayments are now expected to occur in the coming weeks or months. Nonetheless, some users reported receiving payments from Mt. Gox in late December 2023.