Mt. Gox Starts Bitcoin Repayments After Decade-Long Wait
Mt. Gox, a defunct Japanese bitcoin exchange, has started to repay creditors in bitcoin and bitcoin cash on July 5, ending a 10-year long wait for some users to get their money back.
- "On July 5,2024, the Rehabilitation Trustee made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors through a part of the Designated Cryptocurrency Exchanges etc. in accordance with the Rehabilitation Plan," announced the exchange's rehabilitation trustee.
- He added that repayments to other eligible creditors will be "promptly made" if they meet certain conditions. These conditions include confirming the validity of registered accounts, agreeing to terms set by designated crypto exchanges, and completing discussions with the trustee.
- Around 142,000 bitcoin, 143,000 bitcoin cash and fiat currency worth 69 billion Japanese yen ($428.7 million) are said to be returned to 20000 individual creditors.
"There’s also the likelihood that a number of bitcoin investors in Mt. Gox have already cashed out. In the 10 years since the exchange filed for bankruptcy, a secondary market sprung up for those who wanted to liquidate their bankruptcy claim. Those who have held out are the true believers," said Alex Thorn, head of research at Galaxy Digital.
- Thorn added that many of the top holders with claims to Mt. Gox assets are well known in the bitcoin world, including Roger Ver, Blockstream co-founders Adam Back and Greg Maxwell, and Bruce Fenton, former executive director of the Bitcoin Foundation.
- Mt. Gox, established in 2010, operated the world's largest Bitcoin exchange until it collapsed in 2014 after a series of heists that led to an estimated loss of ~650,000 to 950,000 BTC.
- Blockchain analysts and chain surveillance companies noted that the exchange has already moved nearly 47,229 BTC.
Mt. Gox Announcement
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