Mt. Gox, the once-prominent cryptocurrency exchange infamous for its 2014 hack, has finally begun repaying what it owed to its users after more than a decade of delays and legal proceedings.
On July 5, 2024, Mt. Gox announced it started the repayments and disbursed funds to creditors that meet specific requirements outlined in its rehabilitation plan. These requirements include account verification and agreeing to terms set by intermediary agencies managing the distributions.
The defunct exchange reportedly distributed Bitcoin (BTC) and Bitcoin Cash (BCH) to affected users through designated cryptocurrency exchanges.
Some Reddit users have confirmed successful repayments on r/mtgoxinsolvency, a subreddit dedicated to the defunct exchange. One user reported the receipt of expected funds on the Bitbank exchange.
Another user shared an email from Mt. Gox that confirmed that their exchange had been credited via a Japan-based creditor.
Notably, the email from Mt. Gox to creditors clarified that transfers were made to user-designated exchanges and took effect upon blockchain confirmation.
According to responses on the subreddit, it appears that only creditors who opted for cryptocurrency repayments during the claims filing process are currently receiving distributions.
This latest development marks a significant milestone in the long-running saga of Mt. Gox’s collapse and subsequent efforts to compensate affected users.
The rehabilitation plan, announced in June 2024, outlines the distribution of approximately $9.4 billion in Bitcoin, $72 million in Bitcoin Cash, and $446 million in fiat currency. While the plan did not specify the exact start date in July 2024, the current repayment deadline is set for October 31, 2024, following multiple extensions granted by the Tokyo District Court.
Nobuaki Kobayashi, the exchange’s trustee, had previously moved to extend deadlines multiple times. he most recent extension moved the deadline from October 31, 2023, to the current date to accommodate every creditor claim registration.
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