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Mt. Gox Creditors Can Claim 90% of Bitcoin Left in Bankruptcy: Bloomberg
The agreement is subject to creditor acceptance.
Par Kevin Reynolds
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Creditors of the bankrupt cryptocurrency exchange Mt. Gox will be presented with the option to claim up to 90% of the exchange's remaining bitcoin, according to Bloomberg.
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- The deal between Mt. Gox's bankruptcy trustee and MGIFLP, a unit of Fortress Investment Group, will be presented to creditors for a simple up or down vote, Bloomberg reported.
- Investors aren’t obligated to take the early payment and can wait for the lawsuits against the former exchange to settle, according to CoinLab, which announced the deal but is not involved in the settlement. CoinLab said it will continue its litigation.
- Japan-based Mt. Gox was a major early bitcoin exchange that filed for bankruptcy in 2014 after admitting it had lost 850,000 in bitcoins, 750,000 of which belonged to its customers.
- Creditors have been fighting for some form of reimbursement through seven years of legal standoffs.
- It was not clear at press time how many bitcoins are left for creditors to claim.
- Should a significant portion of those lost bitcoin come on the market, it could have a significant effect on the supply of the leading cryptocurrency and its price.
Read more: Mt. Gox Creditors’ Wait Nearly Over as Trustee Announces Draft Rehabilitation Plan
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BlackRock's digital assets head: Leverage-driven volatility threatens bitcoin’s narrative
Rampant speculation on crypto derivatives platforms is fueling volatility and risking bitcoin’s image as a stable hedge, says BlackRock’s digital assets chief.
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- BlackRock digital-assets chief Robert Mitchnick warned that heavy use of leverage in bitcoin derivatives is undermining the cryptocurrency’s appeal as a stable institutional portfolio hedge.
- Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.
- He argued that exchange-traded funds like BlackRock’s iShares Bitcoin ETF are not the main source of volatility, pointing instead to perpetual futures platforms.
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