Mt. Gox Begins Repayments in Bitcoin
05 Jul, 2024 ● Kripto novosti
Mt. Gox, the defunct crypto exchange, has started repaying its debts in Bitcoin and Bitcoin Cash.
Repayments are being made to some rehabilitation creditors through designated crypto exchanges according to its rehabilitation plan.
An X post by the MtGoxBalanceBot account states that the total Bitcoin balance on all known addresses of the Mt. Gox Trustee is 94,457 BTC, with 47,288 BTC having been moved from these addresses so far.
Repayments to the remaining rehabilitation creditors will be “promptly made” once several conditions are met.
These conditions include confirming account validity and creditors’ acceptance of the intent to subscribe to the Agency Receipt Agreement by designated crypto exchanges.
To ensure repayments are safe and secure, discussions about repayment procedures between the Rehabilitation Trustee and the exchanges must also be completed.
Mt. Gox, founded in 2010 by Jed McCaleb, was one of the largest BTC exchanges, handling 70% of global BTC transactions at its peak. McCaleb sold the exchange to Mark Karpelès in 2011.
In early 2014, the exchange suspended all BTC withdrawals, citing technical issues, but later disclosed that approximately 850,000 BTC was lost due to a prolonged security breach.
After filing for bankruptcy in February 2014 with liabilities far exceeding its assets, the case transitioned to civil rehabilitation in 2018, and Karpelès was convicted of falsifying financial records in 2019.
According to several Reddit posts and users, BTC and Bitcoin Cash have begun to be repaid and credited to exchanges.
Sources:
https://cointelegraph.com/news/mt-gox-repayments-bitcoin-bitcoin-cash
https://x.com/MtGoxBalanceBot/status/1809120580572000274
