Mt. Gox creditors can now heave a sigh of relief after waiting on the defunct crypto exchange platform for nearly a decade. According to the latest reports from Rehabilitation Trustee Nobuaki Kobayashi, preparations are already in place for the distribution of $9 billion worth of Bitcoin (BTC) and Bitcoin Cash (BCH). The exercise is slated to start in July 2024.
This news comes after years of legal proceedings and uncertainty that befell the platform. That is, following the exchange’s infamous 2014 security breach that saw hackers siphon 850,000 Bitcoin from it.
According to a Monday notice shared by Kobayashi, creditors may rest assured that safe and compliant repayment procedures have now been established. He also added that refunds will be prioritized based on confirmed information from individual crypto exchanges.
The announcement follows updates received by Mt. Gox creditors in April. The April update detailed the amount of BTC and BCH that they would receive, alongside a revised October 2024 completion date. In May, Mt. Gox further signalled progress by transferring over $2.9 billion in BTC, its first on-chain movement in five years.
Brief History of Mt. Gox
Founded in 2010, Mt. Gox quickly rose to fame, becoming the world’s leading Bitcoin exchange in its prime. However, the unfortunate security incident in 2014 forced the platform to shut down and file for bankruptcy afterwards. After years of legal proceedings, a September 2023 announcement confirmed a repayment plan for creditors. This included 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen ($432 million) in fiat currency.
In any case, the upcoming July distribution is a breath of fresh air, particularly for Mt. Gox creditors. While it will be in batches, creditors have between now and October to finally have closure to the long-standing saga that befell the platform and its users.
