Mt Gox to Begin Bitcoin and Bitcoin Cash Repayments in July 2024

Mt Gox to Begin Bitcoin and Bitcoin Cash Repayments in July 2024

Defunct bitcoin exchange Mt Gox is poised to start distributing bitcoin and bitcoin cash repayments beginning in July, according to a notice issued by Rehabilitation Trustee Nobuaki Kobayashi on Monday.

“The Rehabilitation Trustee has been preparing to make repayments in Bitcoin 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 stated in the notice.

Kobayashi noted that the debtor has taken time to ensure that the repayment process is safe, reliable, and compliant with regulations. The repayments will begin with the cryptocurrency exchanges with which the Rehabilitation Trustee has completed the necessary exchanges and confirmed the required information.

This announcement follows reports from Mt. Gox creditors that the trustee’s rehabilitation claims system had been updated with the amounts of bitcoin and bitcoin cash to be repaid, with an anticipated repayment completion date in April. In May, Mt. Gox moved at least $2.9 billion in bitcoin for the first time in five years.

Founded in 2010, Mt. Gox became the world’s largest bitcoin exchange before suffering a major 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, in addition to fiat currency totaling 69 billion Japanese yen ($432 million), by a new deadline of October 2024.