Mt. Gox Prepares to Roll Out Repayments to Defunct Users in BTC and BCH

Mt. Gox Prepares to Roll Out Repayments to Defunct Users in BTC and BCH


Mt. Gox, the cryptocurrency exchange that lost 850,000
Bitcoin in 2024, will start repaying its defunct users. The rehabilitation
trustee has announced that repayments will be processed in Bitcoin and Bitcoin
Cash starting July 2024, according to a written note by the exchange issued on
June 24.

Repayments to Start Soon

According to a statement, the rehabilitation trustee will
begin the repayment process in due course. The trustee has completed the
exchange and confirmation of the required information with certain
cryptocurrency exchanges. The repayments will be made through these exchanges.

The trustee has requested users to remain patient. The order
of the payments will depend on the respective cryptocurrency exchange.

“We will commence the repayments in the order of the
cryptocurrency exchanges with which the Rehabilitation Trustee will complete
the exchange and confirmation of the required information. Please wait for a
while until the repayments are made,” the trustee stated.

This announcement comes after a long period of anticipation
from the users who lost their funds. The rehabilitation process has been
ongoing for several years. The trustee’s latest statement suggests that the
process is moving forward.

Bitcoin’s Rise and Fall: The Mt. Gox Saga

Earlier, Finance Magnates
reported that the demise of Mt.
Gox reverberated through the cryptocurrency world
in 2014 with the loss of
850,000 Bitcoins valued at $450 million at the time. Founder Mark Karpeles
transformed Mt. Gox from a platform for trading collectible cards into a
dominant force in Bitcoin transactions, handling over 70% of global volume.

Following bankruptcy proceedings in Japan, a civil rehabilitation plan aims to
distribute remaining assets, now significantly boosted by Bitcoin’s surge, to
creditors. Legal disputes and technical challenges have delayed payouts,
leaving creditors uncertain despite potential interim payments before the March
2024 deadline.

This article was written by Tareq Sikder at www.financemagnates.com.



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