Analyses
Daily News Summary 5/7
July 5, 2024
Mt.Gox Initiates Larger Payouts
The rehabilitation trustee of the bankrupt Mt.Gox crypto broker began Bitcoin and Bitcoin Cash repayments to some creditors through designated crypto brokers on July 5, 2024, in accordance with the rehabilitation plan. The announcement also noted that the repayments will not occur all at once, so some affected parties will receive their assets a bit later as conditions are met.
Mt.Gox repayment
The latest document from the Mt. Gox trustee indicates that creditors of the bankrupt platform may have to wait up to three months for their BTC or BCH repayments, depending on the crypto broker they submitted their claims to. Kraken has up to 90 days to process the payments, while Bitstamp might take up to 60 days. For BitGo, the payments will be visible within 20 days. Both SBI VC Trade and Bitbank will complete the payments within 14 days.
Tether-Backed Northern Data Sued
Two former executives of Northern Data, Europe’s largest bitcoin mining company, have filed a lawsuit against the firm, claiming they were wrongfully terminated after expressing concerns about the company’s financial situation and suspecting tax fraud. Besides bitcoin mining, the company operates data centers used for artificial intelligence, but the allegations suggest questionable practices. Last fall, the company received €575 million in debt financing from the stablecoin issuer Tether.
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