- Bankrupt cryptocurrency exchange Mt. Gox is gearing up for creditor settlement.
- The payment is expected to kickstart towards the end of the year.
- The exchange fell victim to one of the biggest hacks in crypto history.
The cryptocurrency industry has long grappled with security threats and cyber-attacks, forcing investors and exchanges to bear grueling aftermaths and asset losses. While some exchanges successfully make comebacks, others struggle, shutting down with millions of dollars in liabilities.
In 2014, the now-defunct exchange Mt.Gox fell victim to one of the industry’s biggest hacks, leading to its bankruptcy with an extensive list of creditors. After years of seeking reparations, Mt. Gox creditors may be in for a favorable turn.
Mt.Gox Creditors To Expect Repayments
On November 22, MT. Gox reportedly contacted its creditors via email, notifying them of the imminent initiation of the repayments process by its Rehabilitation Trustee.
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While the exchange did not provide a specific date for the commencement of payments, it asserted that the process will begin this year, and is expected to extend into the next year.
Due to the large number of rehabilitation creditors who will receive repayment, the varying types of repayments, the different preparation and processing times required to make the repayment, repayments will continue into 2024.
Mt. Gox will distribute diverse assets, including 142,000 worth of Bitcoin (BTC), 143,000 in Bitcoin Cash (BCH), and over 69 billion yen among creditors whose repayment destinations have been registered and approved.
Read more on the Mt. Gox’s attempts at repayments following its bankruptcy filing:
Mt. Gox Allows Creditors to Select Repayment Options – Bitstamp to Support Returns
Now-former Binance CEO has bid farewell to the exchange following the DOJ crackdown. Find out more:
“Binance Will Be Fine”, CZ Pens Final Note to Staff as CEO
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