Mt. Gox, the defunct cryptocurrency exchange, has initiated the process of settling its outstanding debts using Bitcoin and Bitcoin Cash. The repayments are currently underway for certain rehabilitation creditors through specific cryptocurrency exchanges in accordance with the outlined rehabilitation plan.
As per a recent update from the MtGoxBalanceBot account, the combined Bitcoin (BTC) balance across all identified addresses of the Mt. Gox Trustee stands at 94,457 BTC, with 47,288 BTC having been transferred from these addresses subsequently.
A document has been released confirming that Mt. Gox has commenced repaying creditors with Bitcoin and Bitcoin Cash, starting from July 5, 2024. Source: Mt. Gox
Requirements for the repayment process include the completion of various conditions before the residual rehabilitation creditors can expect to receive their repayments in a timely manner. These conditions consist of verifying the validity of accounts, the creditors’ agreement to participate in the Agency Receipt Agreement through assigned cryptocurrency exchanges, and the finalization of discussions between the Rehabilitation Trustee and the exchanges to ensure secure and seamless repayments.
Mt. Gox, established in 2010 by Jed McCaleb, once stood as one of the primary BTC exchanges globally, managing 70% of all BTC transactions during its prime. McCaleb sold the platform to Mark Karpelès in 2011. However, in early 2014, the exchange halted all BTC withdrawals due to technical problems and later disclosed the loss of approximately 850,000 BTC due to an extended security breach.
Following the declaration of bankruptcy in February 2014 due to substantial liabilities surpassing its assets, the case transitioned to civil rehabilitation in 2018, culminating in Karpelès being found guilty of manipulating financial records in 2019.
Recent reports indicate that BTC and Bitcoin Cash (BCH) repayments have begun and are being credited to various cryptocurrency exchanges, as evident from multiple Reddit posts and user accounts.
A Reddit user shared an email received from Mt. Gox regarding the repayment of BTC/BCH, identifying “MtGox Co., Ltd.” as the Rehabilitation Debtor and Nobuaki Kobayashi, Attorney-at-law, serving as the Rehabilitation Trustee.
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