Mt. Gox Initiates Repayments in Bitcoin and Bitcoin Cash to Creditors

Mt. Gox is set to begin distributing repayments to creditors in Bitcoin (BTC) and Bitcoin Cash (BCH) starting in July 2024. The repayment plan, which includes 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen (approximately $432 million), aims to settle long-standing claims by affected parties. This initiative marks a significant advancement in addressing the collapse of Mt. Gox.

The rehabilitation trustee announced the repayment schedule, emphasizing the use of top global exchanges for secure distribution. Creditors have been provided with updates on their claims accounts, detailing the repayment process and the amounts they are owed. Some creditors have already received fiat currency in their bank accounts as an initial phase of reimbursements.

Efforts have been made by the trustee to implement technical safeguards and establish partnerships with various cryptocurrency exchanges to ensure the safe distribution of repayments and compliance with financial regulations. These measures are designed to preempt any potential issues that may arise during the distribution process.