Key Points
- Defunct exchange Mt. Gox plans to distribute Bitcoin and Bitcoin Cash repayments starting July.
- The repayments follow the trustee’s announcement of reimbursement with 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion yen.
The now-closed Bitcoin exchange Mt. Gox has announced plans to start distributing repayments in Bitcoin and Bitcoin Cash from July. The announcement was made by Rehabilitation Trustee Nobuaki Kobayashi.
Preparations for Repayments
Kobayashi stated that the debtor had taken time to ensure safe, reliable, and compliant repayment arrangements. The repayments will commence in the order of the cryptocurrency exchanges which the Rehabilitation Trustee will complete the exchange and confirmation of the required information.
The announcement follows reports by Mt. Gox creditors that the trustee’s rehabilitation claims system has been updated with amounts of Bitcoin and Bitcoin Cash to be repaid. The completion date for repayment was set in April.
History of Mt. Gox
Founded in 2010, Mt. Gox was the largest Bitcoin exchange globally until a security breach in 2014 led to the loss of 850,000 Bitcoin. In September 2023, the trustee of the defunct exchange announced that creditors would be reimbursed with 142,000 Bitcoin, 143,000 Bitcoin Cash, and fiat currency totaling 69 billion Japanese yen ($510 million), by a new deadline of October 2024.
In May, Mt. Gox moved at least $2.9 billion in Bitcoin for the first time in five years, indicating a step towards repayment.
