The market lost $27.7 billion as Mt.Gox began refunding customers

Creditors of cryptocurrency exchange Mt. Gox’s now defunct is said to have started receiving refunds 10 years after the business closed. Since February 2014, creditors’ funds have been stuck on the exchange.

There have been rumors on social media, specifically on the r/mtgoxinsolvency subreddit, that Mt. Gox uses PayPal to reimburse customers. A Reddit member who saw the email for the first time was skeptical of the email, fearing it was a phishing attempt. But when the money appeared in the PayPal account, this person knew it was real.

On December 21, a user from Japan on Twitter revealed that they had received a claim for Mt. Gox in Japanese Yen via bank transfer. This is the first time it has been refunded. Creditors have money stranded after Mt. Gox, which closed in 2014, became the focus of the now-defunct cryptocurrency exchange’s efforts.

Expected to last until 2024

The refunds begin just a month after Nobuaki Kobayashi, the asset trustee of Bitcoin exchange Mt. Gox began communicating with creditors via email on November 21.

Kobayashi said in the email that the first cash repayment to creditors will begin in 2023, with further repayments expected until 2024. However, the main repayment date is Details for certain recovery creditors were not disclosed by Kobayashi.

Repayment was originally scheduled for October 31, 2023, however the Trustee of Mt. Gox extended the deadline to the same date in 2024. On the other hand, they mentioned that recovery creditors who have filed the necessary paperwork could get some of their money back as early as the end of the year. year.

Color flying market $27.7 billion

In a surprising development today,  WhaleAlert reported a large transfer of 20 million XRP tokens to a prominent volume exchange, sparking speculation about the mysterious sender and the implications for with the market value of XRP.

At the current price of $0.61 per XRP, this transaction amounts to a staggering $12.6 million.


The sender’s identity remains shrouded in mystery, with Whale Alert labeling the address as unknown. However, details from explorer Bithomp reveal that this mysterious wallet was created in June 2021 and currently holds a significant amount of 188.88 million XRP.

Interestingly, this wallet prefers to send tokens to the Bybit exchange, although it is unclear whether it is owned by the exchange or not.

The timing of this significant transfer coincides with reports of Mt. Gox begins paying compensation to users.

This revelation sent ripples across the cryptocurrency market, impacting major players like Bitcoin and XRP. Bitcoin plummeted to a weekly low of $42,850, while XRP fell 3.6%. Overall, the cryptocurrency market saw its total capitalization decrease by 1.7%, which equates to a staggering $27.7 billion.

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