Market Analysis Report (02 Mar 2023)

Mt Gox creditors are set to finally receive their long-awaited Bitcoin repayments, with the window for payouts opening this month. The first tranche of repayments, which includes early lump sum and intermediate payments, is expected to begin on March 10, and creditors have until September 30 to complete the process

However, the process of distributing repayments is not without its challenges. Each creditor has had to register with an exchange and nominate it to receive the funds on their behalf.

Exchanges have given varying timelines for processing payments, with BitGo claiming they will take place within 20 days, while Kraken has said that payments may take up to 90 days. These delays are an added frustration for creditors who have already been waiting for years to see any return on their lost Bitcoin.

Mt. Gox creditors are set to receive a portion of the exchange’s balance sheet as repayments, though the exact amount remains unclear. According to two creditors, the balance sheet hasn’t changed significantly since 2019, when it totaled 142,000 bitcoin ($3.3 billion today), 143,000 bitcoin cash ($19 million), and 69 billion yen ($510 million). The proportion of the balance sheet being distributed hasn’t been confirmed.

Payments will be made in a combination of crypto, including bitcoin and bitcoin cash, as well as fiat money.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/mar/02/