 | The Mt Gox Investment Fund has announced that it will hold on to the Bitcoins that are set to be returned later this year. The fund has purchased claims against the now-defunct cryptocurrency trading platform and will receive an early payout in September, constituting 90% of the total collectible amount, with approximately 70% of it being in Bitcoin and 30% in cash. The decision to hold on to the recovered Bitcoins is significant since the bankruptcy trustee is expected to repay the creditors with Bitcoin as well. However, UBS strategists have stated that the upcoming Mt. Gox bankruptcy repayments are unlikely to impact the price of Bitcoin. The deadline for rehabilitation creditors to register their payment preferences has been postponed to March 10, giving more time for the creditors to complete the process. The Mt. Gox rehabilitation plan has been under development for several years now, and the bankruptcy proceedings may continue for some time. [link] [comments] |
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