Mt. Gox, the defunct cryptocurrency exchange, has initiated the process of reimbursing its creditors in Bitcoin and Bitcoin Cash. According to its rehabilitation plan, repayments are being facilitated through specific cryptocurrency exchanges.
As per a recent update from the MtGoxBalanceBot account, the total balance of Bitcoin (BTC) across all known Mt. Gox Trustee addresses is 94,457 BTC, with 47,288 BTC having been transferred from these addresses recently.
A document confirms that Mt. Gox has commenced repayments in Bitcoin and Bitcoin Cash to creditors as of July 5, 2024. Source: Mt. Gox.
Repayments are contingent upon several conditions, including the validation of creditor accounts and their acceptance of the Agency Receipt Agreement through designated crypto exchanges. Furthermore, discussions on repayment procedures between the Rehabilitation Trustee and these exchanges must be finalized to ensure secure and efficient transactions.
Mt. Gox, founded by Jed McCaleb in 2010 and later acquired by Mark Karpelès in 2011, was once the largest BTC exchange, handling 70% of global transactions at its peak. Following a suspension of BTC withdrawals in early 2014 due to technical issues, it was revealed that approximately 850,000 BTC had been lost due to a longstanding security breach. After declaring bankruptcy in February 2014 and subsequently transitioning to civil rehabilitation in 2018, Karpelès faced legal repercussions for falsifying financial records in 2019.
Recent reports indicate that BTC and Bitcoin Cash (BCH) repayments have begun, with credits being processed through various exchanges. Source: Reddit.
A Reddit post features an email received from Mt. Gox detailing the repayment of BTC/BCH. The email identifies “MtGox Co., Ltd.” as the Rehabilitation Debtor and Nobuaki Kobayashi, Attorney-at-law, as the Rehabilitation Trustee.
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