Just In: Mt. Gox Creditors to Finally Receive Cash Repayments in 2023
In a significant development for creditors of the long-defunct Bitcoin exchange Mt. Gox, the rehabilitation trustee has confirmed plans to initiate cash repayments within the 2023 calendar year. This decision communicated via an email to the creditors, marks a crucial step in the ongoing recovery efforts since the platform’s collapse in 2014.
Details of the Repayment Plan
Rehabilitation Trustee Nobuaki Kobayashi, overseeing the repayment process, emphasized that the repayments are slated to commence shortly. However, due to the extensive number of rehabilitation creditors involved, the repayment initiative is expected to stretch into 2024.
Kobayashi also clarified that the specific timing for individual repayments remains to be determined, and creditors will not receive advance notice regarding the exact timing of their compensation. Instead, they are encouraged to monitor the repayment status through the claim filing system set up for this purpose.
Background of Mt. Gox’s Downfall
The Tokyo-based Mt. Gox, established in 2010, rapidly emerged as a pivotal player in the Bitcoin exchange domain. By 2013, it had grown to handle 70% of all Bitcoin trades globally. However, this success was short-lived since, in early 2014, the exchange halted all withdrawals, suspended trading, and subsequently filed for bankruptcy protection following the loss of over 800,000 Bitcoins.
This abrupt cessation of operations sent shockwaves through the cryptocurrency community and raised serious concerns about the security and reliability of digital currency exchanges.
Read Also: BIT Exchange To Launch SOL Options Trading Next To XRP and ADA
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
