Mt. Gox Bitcoin eruption could spell trouble for crypto recovery

* In April, the lenders froze withdrawals, citing system maintenance, after an investigation was launched of claims that Henan Xincaifu Group Investment Holding, a private investment firm and a shareholder of the lenders, had bribed and colluded with bank employees to illicitly attract public funds through online finance platforms. The main suspect in the case, an individual named Lv Yi (), is understood to have fled China.
* Chinese authorities this week announced a repayment plan for account holders. According to a statement by local branches of the China Banking and Insurance Regulatory Commission (CBIRC), individuals with deposits of up to 50,000 yuan (US$7,400) will be repaid first, and arrangements made for the deposits of remaining account holders made subject to further notice.
* The repayment plan was announced after more than 1,000 bank account holders protested in the Chinese city of Zhengzhou, the capital of Henan Province, in an attempt to retrieve their savings from several rural lenders that had frozen more than 400,000 bank accounts.

Will Mt. Gox Bitcoin eruption smother hopes of rapid crypto recovery Mt. Gox Bitcoin eruption could spell trouble for crypto recovery
Mt. Gox Bitcoin eruption could spell trouble for crypto recovery 2

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