July marks the commencement of Bitcoin and Bitcoin Cash reimbursements by Mt Gox
In a recent announcement, the trustee of the bankrupt cryptocurrency exchange Mt. Gox revealed that reimbursements in Bitcoin and Bitcoin Cash will kick off in July. Mt. Gox, once the world’s largest Bitcoin exchange, is on track to finally repay its creditors 142,000 BTC, 143,000 BCH, and ¥69 billion (approximately $432 million) almost ten years after its collapse.
Nobuaki Kobayashi, the trustee of Mt. Gox, stated in the latest update that refunds in Bitcoin (BTC) and Bitcoin Cash (BCH) will start in early July 2024, following meticulous preparations to guarantee secure and compliant transactions.
Repayments will begin according to the sequence of crypto exchanges for which the Rehabilitation Trustee has finalized the exchange and verification of necessary details, as mentioned in the notice. However, the speed of these repayments and their immediate impact on the cryptocurrency market remain uncertain.
In response to this development, Bitcoin saw a drop of nearly 3% and is currently valued at $62,440, based on CoinMarketCap data.
Established in 2010, Mt. Gox rapidly became the leading Bitcoin exchange globally. Nonetheless, its success was short-lived as the Tokyo-based platform ceased trading, closed its website, and applied for bankruptcy protection in early 2014, disclosing a loss of approximately 850,000 BTC, equivalent to about $450 million at the time. Further investigations revealed that most of these Bitcoins were stolen over several years, starting as early as late 2011, from the exchange’s hot wallets.
