Finance

Explore finance news, investment insights, and economic trends with The Meridian Times to make informed decisions.

Zodia Markets Acquires Elwood Trading Desk to Boost OTC Business

by

Strengthening the Institutional Crypto Infrastructure Zodia Markets, a cryptocurrency trading firm backed by the venture arm of Standard Chartered, has announced the acquisition of the over-the-counter (OTC) trading division of Elwood Technologies. This strategic move confirms earlier reports that Elwood’s trading unit was up for sale, with negotiations underway. Following this acquisition, Elwood, which has … Read more

Crypto Industry Set to Boom, Outperforming Early Internet: Architect Partners

by

Architect Partners Report Highlights Significant Growth in Digital Assets The digital asset industry is experiencing a significant growth phase, adding over $750 billion in value in the first half of this year, according to a quarterly report by investment bank Architect Partners. The report indicates that the industry is in a much stronger position than … Read more

Mt. Gox Commences Bitcoin and Bitcoin Cash Repayments

by

Defunct Crypto Exchange Begins Long-Awaited Repayment Process

Mt. Gox, once the world’s leading crypto exchange, has started repaying customers in Bitcoin (BTC) and Bitcoin Cash (BCH). This comes nearly ten years after a 2014 hack led to its bankruptcy, causing significant losses and affecting many users.

Start of Repayments

Last month, Mt. Gox announced it would begin repayments in July. On Friday, the exchange confirmed it had started this process, marking the end of a nearly decade-long wait for many users. The repayment news has exerted additional selling pressure on Bitcoin and the broader cryptocurrency market.

Impact on Bitcoin Prices

Following the announcement, Bitcoin’s price fell sharply, reaching as low as $53,600, its lowest level in five months. This price drop led to the liquidation of over $580 million in bullish bets. By mid-morning in Europe, Bitcoin’s value remained under $55,000, significantly lower than its starting price of around $63,000 at the beginning of the week, according to CoinDesk Indices data.

Willy Chuang, COO of crypto exchange WOO X, noted, “Mt. Gox moved 47,228 BTC, signaling the start of their repayment process, which has caused some market fear due to the large potential sell-off. However, it’s worth noting that despite these concerns, the long-term impact may be less severe as the market gradually absorbs the selling pressure.”

Repayment Timeline and Process

While some customers may receive their payouts within 60-90 days, Mark Karpeles, Mt. Gox’s former CEO, assured that these timelines are worst-case scenarios. In a direct message to CoinDesk on X, he explained, “These are deadlines linked to the number of transfers to process. Each exchange might have a slightly different internal policy and decide to credit everyone later than sooner or sooner than later.”

Approved Exchanges for Repayments

Several exchanges have been approved by the trustee to handle the repayment process. These include Bitbank, BitGo, Bitstamp, Kraken, and SBI VC Trade, a Japanese exchange.

This significant step forward in the repayment process offers a glimmer of resolution for Mt. Gox’s creditors, who have waited years for the return of their assets.

FAQ

When did Mt. Gox start the repayment process?

Mt. Gox began the repayment process in July, as announced last month.

What cryptocurrencies are being used for repayments?

Customers are being repaid in Bitcoin (BTC) and Bitcoin Cash (BCH).

How has the repayment announcement affected Bitcoin prices?

Bitcoin prices dropped sharply to $53,600, the lowest level in five months, following the repayment announcement.

How long might customers have to wait for their payouts?

Some customers may wait 60-90 days for their payouts, although these are considered worst-case scenarios.

Which exchanges are handling the repayment process?

The trustee has approved Bitbank, BitGo, Bitstamp, Kraken, and SBI VC Trade to handle the repayments.