Mt. Gox Trustee Nobuaki Kobayashi Wrote in the Latest Notice That Repayments in Bitcoin and Bitcoin Cash Will Start in July

Mt. Gox, once the world's largest Bitcoin exchange, seems to be set to finally begin repaying its creditors

The trustee of the failed crypto exchange Mt. Gox has announced that repayments in Bitcoin and Bitcoin Cash will commence in July, fourteen years after the exchange collapsed.

Mt. Gox was once the world’s largest Bitcoin exchange, handling over 80% of global BTC trades. However, the exchange encountered financial difficulties and was hacked multiple times, leading to the loss of a significant portion of its users’ funds.

In 2014, Mt. Gox filed for bankruptcy protection, owing its creditors 202,395 BTC, 27,873 BCH, and ¥69 billion (around $432 million).

After years of legal proceedings and efforts to locate and recover the lost cryptocurrencies, a rehabilitation plan was approved by the Tokyo District Court in November 2021, paving the way for partial repayments to creditors.

According to the latest notice from the trustee, Nobuaki Kobayashi, the repayments in BTC and BCH will begin in early July 2024. The trustee has been making extensive preparations to ensure the safe and compliant execution of these transactions.

“We have taken time to ensure safe and reliable repayment to creditors, including technical remedies for safe repayments, compliance with financial regulations in each country, and discussion of repayment arrangements with the cryptocurrency exchanges,” reads the notice from the trustee.

The trustee will commence the repayments in the order of the crypto exchanges with which the Rehabilitation Trustee has completed the exchange and confirmation of the required information, the notice adds.

It remains unclear how quickly these repayments will be processed and what immediate impact they will have on the crypto market. Following the news, Bitcoin declined by nearly 3% and is trading at $62,440, according to data from CoinMarketCap.

News source：https://www.kdj.com/cryptocurrencies-news/articles/mt-gox-trustee-nobuaki-kobayashi-wrote-notice-repayments-bitcoin-bitcoin-cash-start-july.html

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