ChainCatcher news, creditors of the bankrupt cryptocurrency exchange FTX will receive over $12 billion in payments over the next few months according to a court-approved payment plan, increasing the possibility that some cash may be reinvested into digital assets. According to information released by FTX, the group has recovered between $14.7 billion and $16.5 billion, while the total claims from creditors amount to $11.2 billion.Benjamin Celermajer, Co-Chief Investment Officer of Magnet Capital, stated that the anticipated FTX repayments "are essentially providing liquidity to known cryptocurrency traders. It is very likely that we will see some funds flow back into the crypto market, providing a potential price catalyst for a market that is lacking liquidity." It is worth noting that repayments will not happen immediately; FTX must first establish a trust and hire a company to oversee the fund distribution process.

ChainCatcher news, Presto Labs' latest report indicates that retail investors' enthusiasm for the bankruptcy plan approved by the FTX court may be premature. In the report, analysts question whether the $16 billion in cash to be paid to creditors as part of the plan will flow back into the cryptocurrency market.FTX is expected to have a total value of assets available for distribution between $14.7 billion and $16.5 billion. This amount includes assets controlled by various entities. Presto Labs stated, "It is premature to assume that creditors will directly inject this cash into the market. Making such a broad assumption requires at least some analysis of the composition of the creditors, and to our knowledge, no one has publicly done that yet."The research firm noted that repayments will begin within 60 days after the plan's "effective" date, but the specific date has not yet been determined. This timeline suggests that any potential market impact will not occur quickly.

ChainCatcher news, according to a report by CoinDesk citing sources, a court in Singapore has approved a four-month stay of payment for the Indian cryptocurrency exchange WazirX under certain conditions.The conditions imposed on WazirX include disclosing its wallet addresses through a court affidavit, responding to user inquiries, revealing its books within six weeks, and ensuring that any future voting takes place on an independent platform.WazirX lost $234 million in a hack in July, accounting for about 45% of customer funds, and the company had previously submitted a six-month stay application to the Singapore High Court.

ChainCatcher news, Aave Labs stated on social media that the collateral repayment feature of the Aave v3 market has been re-enabled.

ChainCatcher news, QCP Capital stated in an official channel that the market violently reversed the positive surge brought by Trump's speech for the cryptocurrency market this week, with the BTC price dropping from a post-speech high of 70,000 to nearly 60,000 this morning. The reasons for the decline include selling pressure from the U.S. government (about 28,000 BTC), Mt. Gox (33,960 BTC), and Genesis (BTC and ETH worth 1.5 billion USD); Bitcoin mining difficulty adjusted to a historical high, and an increase in recession expectations. From the options market data, price volatility is expected to stabilize over the summer.

ChainCatcher news, Mt.Gox announced that following the repayments on July 5, 16, and 24, 2024, on July 31, the trustee made repayments to some creditors in the form of BTC and BCH through partially designated cryptocurrency trading platforms according to the compensation plan. So far, repayments have been completed for over 17,000 creditors.

ChainCatcher news, Mt. Gox trustee Nobuaki Kobayashi issued a notice stating that after July 5, 2024, on July 16, 2024, the Mt. Gox trustee repaid Bitcoin and Bitcoin Cash to some creditors through certain designated cryptocurrency exchanges as planned. As of now, the trustee has repaid Bitcoin and Bitcoin Cash to over 13,000 rehabilitated creditors.Once the following conditions are met, repayments will be made to other creditors immediately:(i) Confirmation of the validity of registered accounts and other matters;(ii) Intention of designated cryptocurrency exchanges to accept subscription agency receipt agreements;(iii) Discussions between the trustee and designated cryptocurrency exchanges regarding repayments;(iv) Confirmation that repayments can be made safely and reliably. We ask eligible creditors to wait for a while.

ChainCatcher news indicates that, according to the trustee's documents, Mt Gox creditors may need to wait up to three months to receive Bitcoin or Bitcoin Cash repayments, depending on which cryptocurrency exchange they filed their claims with.The trustee had previously detailed that the timeline for payments to be visible in creditors' accounts may vary by exchange.Kraken has 90 days to process payments, while Bitstamp may take up to 60 days. BitGo will see payments within 20 days. SBI VC Trade and Bitbank will complete payments within 14 days.Previous news reported that several MT.GOX creditors have stated they have already received repayments in BTC/BCH.

ChainCatcher message, multiple MT.GOX creditors located in Japan have stated that they have received BTC/BCH repayments from MT.GOX, and the funds have entered their exchange accounts at Bitbank or Kraken, with BCH in the Bitbank account showing as BCC. Additionally, some have reported that they have received cash payments sent via international wire transfer.

ChainCatcher news, according to Cointelegraph, Charles Edwards, founder of the digital asset hedge fund Capriole Investments, pointed out in a tweet on July 2 that there has been a massive on-chain transfer of unused Bitcoin from the past 7 to 10 years, with a volume 10 times higher than previous peaks, suggesting that Mt. Gox may have started distributing these Bitcoins.The price of Bitcoin fell below the psychological threshold of $60,000 on July 3, dropping 4.2% within 24 hours, reaching a low of $59,600. According to CoinMarketCap data, Bitcoin has decreased by 1.8% this week and has fallen nearly 18% since June. This decline may be related to Mt. Gox beginning to repay $9 billion worth of Bitcoin.

ChainCatcher news, according to Decrypt, a trading report from investment firm Off the Chain Capital suggests that Mt. Gox creditors will start receiving payments next week, but they may be reluctant to part with the tokens they have held for a decade.Off the Chain Capital CEO Brian Dixon wrote in the report: "Once Mt. Gox is fully allocated, I believe the market generally will not immediately start selling these assets, as I haven't seen many creditors sell after receiving Bitcoin, like they did a few years ago." The reason is that Bitcoin has matured significantly since Mt. Gox filed for bankruptcy in 2014."Creditors must ask themselves whether they need this cash to buy something, or if it is better to hold Bitcoin as a long-term store of value," he added, noting that BTC has been the best-performing asset for 12 out of the past 15 years.

ChainCatcher news, according to Cointelegraph, regarding Mt.Gox's plan to repay $8.5 billion worth of Bitcoin, IG Markets analyst Tony Sycamore stated that the repayment to creditors next month may not have as significant an impact on Bitcoin prices as many expect, but it will pose troubles for BCH. Currently, it is estimated that about half of the Bitcoin (worth approximately $4.5 billion) may start entering the market in July, but Sycamore believes that a large part of the so-called Mt.Gox selling pressure has already been reflected in the current market conditions, after all, "the repayments have been ongoing for a long time."Previously, the repayments occurred against a backdrop of deteriorating market sentiment, technical sell-offs, and outflows from Bitcoin ETFs, and now, most of the speculative "hot money" in the cryptocurrency space has left to chase giant stocks like Nvidia and Apple in the stock market. Additionally, when discussing Bitcoin's price trends, Sycamore stated that he does not believe the current sell-off will lead to further declines, and the strong support of the 200-day moving average is one reason to remain optimistic in the coming weeks.Galaxy Digital's research director Alex Thorn previously estimated that out of a total of 141,000 Bitcoins, only 65,000 could truly enter the market, which significantly reduces the expected selling activity.

ChainCatcher news, according to Tree News, Mt. Gox will start repaying Bitcoin and BCH in early July 2024.

ChainCatcher news, according to the official announcement, Mt. Gox has confirmed the transfer of Bitcoin to an unknown address in preparation for repayments to creditors before the deadline on October 31.According to the rehabilitation plan, the rehabilitation trustee is preparing to make repayments for the portion of rehabilitation claims that involves the distribution of cryptocurrency. This repayment means that, depending on the choice of the rehabilitation creditors, either (i) repayment will be made through designated cryptocurrency exchanges, allowing rehabilitation creditors to receive Bitcoin and Bitcoin Cash, or (ii) repayment will be made through the proceeds obtained from the sale of Bitcoin and Bitcoin Cash.Recently, the rehabilitation trustee has received inquiries/deep concerns regarding the management status of Bitcoin and Bitcoin Cash. However, at present, the rehabilitation trustee has neither made repayments through the designated cryptocurrency exchanges as in (i) nor sold Bitcoin and Bitcoin Cash for repayments as in (ii). The rehabilitation trustee is currently managing Bitcoin and Bitcoin Cash in a secure manner.

ChainCatcher news, according to Cointelegraph, although FTX's newly revised proposal promises "billions of dollars in compensation," creditors are dissatisfied with specific terms related to the law firm Sullivan & Cromwell (S&C). On the 7th, FTX announced a new amendment to the debt repayment plan, which includes a release clause. The release clause means that if damages occur during the execution of the bankruptcy process, some parties may be exempted from liability.FTX creditor Sunil stated that in the case of FTX, S&C may have included terms that release themselves from any potential liability. Sunil is a member of the largest creditor group of FTX—the FTX Customer Ad-Hoc Committee, which has over 1,500 FTX creditors.Earlier today, it was reported that FTX and its affiliated debtors submitted a revised reorganization plan and disclosure statement to the U.S. Bankruptcy Court in Delaware on Tuesday. The plan is expected to concentrate the distribution of nearly all of FTX's assets at the time of its bankruptcy in November 2022 to global customers and other creditors. FTX anticipates that the total value of the assets collected, converted to cash, and available for distribution will be between $14.5 billion and $16.3 billion.