Mt. Gox to distribute $9 billion of bitcoin, bitcoin cash repayments from beginning of July
Mt. Gox is set to begin distributing bitcoin and bitcoin cash repayments from July, according to the Rehabilitation Trustee.
Defunct bitcoin exchange Mt. Gox is set to begin distributing bitcoin and bitcoin cash repayments from July, according to a notice sent by Rehabilitation Trustee Nobuaki Kobayashi on Monday.
“The Rehabilitation Trustee has been preparing to make repayments in Bitcoin Cash BCH -8.52% and Bitcoin Cash under the Rehabilitation Plan. “Now that these preparations are in place, the Rehabilitation Trustee will commence the repayments in Bitcoin and Bitcoin Cash … from the beginning of July 2024,” Kobayashi wrote in the notice.
Kobayashi said the debtor had taken time to ensure safe, reliable and compliant repayment arrangements and 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.”
The news comes after Mt. Gox creditors reported that the trustee’s rehabilitation claims system has been updated with amounts of bitcoin and bitcoin cash to be repaid and the completion date for repayment in April. In May, Mt. Gox then moved at least $2.9 billion in bitcoin for the first time in five years.
Mt. Gox was founded in 2010 and became the largest bitcoin exchange globally until the platform suffered a security breach in 2014, resulting in the loss of 850,000 bitcoin.
In September 2023, the trustee of the now-defunct exchange announced that creditors would be reimbursed with 142,000 bitcoin and 143,000 bitcoin cash, as well as fiat currency totaling 69 billion Japanese yen ($510 million), by a new deadline of October 2024.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Arizona Senate Approves Bitcoin Reserve Bill: A Leap Towards Crypto Dominance in the U.S?
Trailblazing or Isolated Incident? Evaluating Arizona's Groundbreaking Bitcoin Reserve Bill and Its Potential Ripple Effect Across U.S. States
DeepSeek’s Debut Stirs Crypto Market, BTC ETFs Drop by $457M – Insights Revealed
DeepSeek's Entry Culminates in $534M Crypto Outflows, Shaking BTC and Ethereum ETFs While XRP Shows Resilience
Ethereum’s Active Users Soar 37%: Are Institutions and DeFi Driving Growth?
Unpacking the Factors Behind Ethereum's Rise: Examining the Role of DeFi and Institutional Investment