Bithumb Accused of Paying Creditors Early, Violating Repayment Guidelines

IconCryptoNewsTerminal Staff05 Jul, 2024

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Bithumb Accused of Paying Creditors Early, Violating Repayment Guidelines

Bithumb Accused of Flouting Repayment Deadlines According to a report by The Block, citing a creditor report from creditor X, South Korean exchange Bithumb deposited BTC to creditors "within a few hours" of receiving the funds, bypassing the 14-day repayment period stipulated in the Mt. Gox trustee's repayment plan. Repayment Timeline for Other Exchanges The Mt. Gox trustee had specified varying repayment deadlines for different exchanges: - Bitstamp: within 60 days - Kraken: within 90 days - SBI VC Trade: within 14 days - BitGo: within 20 days Immediate Repayment Decision Puzzles Industry Bithumb's alleged immediate repayment decision has raised questions within the industry, with some speculating about the reasons behind it. The trustee's previous statement emphasized the importance of fulfilling all conditions and verifying account validity before initiating repayments. Bithumb's deviation from this procedure has caught the attention of creditors and observers alike.

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