The long-awaited repayments to former users of Mt. Gox, the notorious cryptocurrency exchange that lost 850,000 Bitcoins in 2014, is set to begin in July 2024.
The long-awaited repayments to former users of Mt. Gox, the notorious cryptocurrency exchange that lost 850,000 Bitcoins in 2014, is set to begin in July 2024. According to a written note issued on June 24 by the exchange's rehabilitation trustee, repayments will be made in Bitcoin (BTC) and Bitcoin Cash (BCH).
"The Rehabilitation Trustee will commence the repayments in Bitcoin and Bitcoin Cash in due course to the cryptocurrency exchanges with which the Rehabilitation Trustee has completed the exchange and confirmation of the required information for implementing the repayments," the announcement stated.
"We will commence the repayments in the order of the cryptocurrency exchanges with which the Rehabilitation Trustee will complete the exchange and confirmation of the required information. Please wait for a while until the repayments are made," the trustee reiterated.
Mt. Gox owes more than $9.4 billion worth of Bitcoin to approximately 127,000 creditors. These creditors have been waiting for over a decade to recover their funds following the exchange's collapse in 2014 due to multiple unnoticed hacks.
In May, Mt. Gox's rehabilitation trustee, Nobuaki Kobayashi, confirmed that a significant transfer of 141,686 BTC, valued at $9.62 billion, to a new wallet labeled "1Jbez" was part of the repayment process. This transfer marked the first on-chain movement of funds from the collapsed exchange in over five years.
The rehabilitation process has been closely monitored by the cryptocurrency community, with many users anxiously awaiting the return of their lost assets. However, the news has spooked the crypto markets, with investors concerned about the potential selling pressure resulting from Mt Gox’s Bitcoin holdings. Bitcoin (BTC) fell over 7% following the news and broke below the key $60,000 level, although it has since recovered to trade at $61,324 currently.
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