The trustee of the defunct cryptocurrency exchange Mt. Gox announced in the latest notification that repayments in Bitcoin and Bitcoin Cash will kick off in July.
Mt. Gox, previously the largest Bitcoin exchange in the world, appears ready to start repaying its creditors with 142,000 BTC, 143,000 BCH, and ¥69 billion (approximately $432 million) almost ten years after its collapse.
Nobuaki Kobayashi, the trustee of Mt. Gox, stated in the recent notice that repayments in Bitcoin (BTC) and Bitcoin Cash (BCH) will begin in early July 2024 after thorough preparations to ensure secure and compliant transactions.
In accordance with the notice, the repayments will begin based on the completion of exchanges with crypto platforms and confirmation of necessary information by the Rehabilitation Trustee. Nevertheless, the speed of these repayments and their immediate impact on the cryptocurrency market remain uncertain.
In response to this news, Bitcoin’s value dropped by nearly 3%, currently trading at $62,440 as per CoinMarketCap data.
Established in 2010, Mt. Gox swiftly rose to become the leading Bitcoin exchange globally. However, its success was short-lived when the Tokyo-based platform suddenly ceased trading, shut down its website, and filed for bankruptcy protection in early 2014, disclosing a loss of around 850,000 BTC, valued at approximately $450 million at the time. Subsequent investigations revealed that a large portion of these Bitcoins had been stolen from the exchange’s hot wallets over several years, beginning as early as late 2011.
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