abolition Bitcoin Exchange Mt. Gox has announced that in July it will begin distributing assets stolen from customers in a 2014 hack, after years of postponing the deadline.
Update: Bankrupt Mt Gox loses $9 billion #Bitcoin July repayment pic.twitter.com/Rph2AupnTY
— Bitcoin Magazine (@BitcoinMagazine) June 24, 2024
“The rehabilitation trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash in accordance with the rehabilitation plan,” trustee Nobuaki Kobayashi said in a statement on the Mt. Gox website. Today it’s a website.
“Repayments will begin in early July 2024,” Kobayashi said. Added, Please note that caution and safety precautions are still required.
Mt. Gox was once the world’s largest bitcoin exchange, handling more than 70% of all bitcoin transactions when it was first established. In 2014, hackers stole approximately 740,000 bitcoins (worth $15 billion in today’s value) during one of several attacks on the exchange between 2010 and 2013.
After declaring bankruptcy in 2014, Mount Gox The company has faced multiple delays in repaying its debts to victims, and last year the Tokyo District Court set a deadline for the exchange’s civil rehabilitation plan in October 2024.
In May, Mt. Gox moved over 140,000 BTC, worth a total of $9 billion, out of its cold wallets for the first time in five years, in what was likely preparation for a repayment.
Future payments will be made in Bitcoin and Bitcoin Cash via Mt. Gox’s partner exchanges, with the order of payments dependent on the progress of due diligence required by each platform.
Victims have waited more than a decade to recover funds lost in the Mt Gox collapse, and for many, the July launch date finally offers hope that they may be able to get their stolen savings back.
Payouts: 142,000 Bitcoin, 143,000 Bitcoin Cash, 69 billion Japanese The company owes approximately 15 million yen to approximately 127,000 creditors.
While long expected, some fear the large compensation payment could temporarily depress the price of Bitcoin if victims sell some of the returned funds.
Still, affected users are eager to move on after the Mt. Gox hack and fiasco became emblematic of bitcoin’s early days, and payback marks the closing chapter of bitcoin’s history.
