- Mt. Gox has set a timeline for creditor repayments.
- Creditors will be reimbursed with two crypto assets.
- The repayment news comes after a decade of waiting for the creditors.
Defunct crypto exchange Mt. Gox will start repaying its creditors in July 2024, a decade after its unceremonious collapse.
The development follows April reports by users of the Mt. Gox insolvency subreddit that the trustee of the failed exchange had updated their claim accounts with specific amounts to be repaid and their due dates.
Mt. Gox Repayment
According to a notice issued on June 24, Mt. Gox’s rehabilitation trustee will initiate creditor repayments in Bitcoin (BTC) and Bitcoin Cash (BCH) from the beginning of next month.
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“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 notice read.
The notice assured creditors of “safe and reliable payments,” noting that Mt. Gox’s rehabilitation team had technical remedies in place for compliance with financial regulations in each country and repayment arrangements with crypto exchanges.
While the notice didn’t disclose the amount to be repaid, Mt Gox’s trustee said last year that the creditors of the defunct exchange would be reimbursed with 142,000 Bitcoin, 143,000 Bitcoin Cash, and fiat currency totaling 69 billion Japanese yen.
Mt Gox’s reign as the world’s top crypto exchange, handling over 70% of Bitcoin transactions during its prime years, was cut short in early 2014 after hackers stole an estimated 740,000 BTC from the platform.
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Read how Mt. Gox creditors received Japanese yen repayments:
Mt. Gox Creditors Report Receiving Payments in Japanese Yen
Stay updated on Mt. Gox’s $9B Bitcoin shuffle:
Mt. Gox Shuffles $9.4B Bitcoin Ahead of October Payout
