As rumors of an upcoming Bitcoin (BTC) float on Twitter, Mt. Gox to the social media platform to say all the rumors are false, with one highlighting that the exchange’s defunct payment system has yet to be activated.

In a Twitter thread, Eric Wall presented himself as a creditor of Mt.Gox and confirmed that there would be no dumping of 137,000 BTC, to counter rumors circulating on social media. According to Wall, the exchange has not yet completed the infrastructure needed to start paying.

Wall also said that at the moment people are still unable to register where to send Bitcoin and Bitcoin Cash (BCH) payments. The creditor also believes that payments should be made in different instalments, dismissing fears of thousands of bitcoins being sold at once, causing the cryptocurrency’s price to sink.

Wall also noted that the cryptocurrency exchange has not yet provided a timeline detailing when it will proceed with the payment process. Subsequently, the creditor argued that even if BTC was issued, it would be better to buy than sell due to the current market conditions.

Eight Global CEO Michaël van de Poppe highlighted that distribution will be delayed. chirp:

Marshall Hainer, another Mount Gox creditor, has confirmed that they are nowhere near receiving their bitcoins. Hainer assured the community that many of the people who will be getting paid from the exchange do not intend to sell their bitcoins.

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In July, Nobuaki Kobayashi—the designated rehabilitation trustee of the Mount Gox Rehabilitation Scheme—confirmed that the exchange was preparing to repay the loans to its creditors. In the official document released, the exchange indicated that account holders will have the option to receive payments in BTC or BCH. The rehabilitation scheme was first approved in 2021. However, of the 850,000 BTC owed, the exchange only has 150,000 BTC to repay the creditors.

Source: CoinTelegraph