Nearly a decade after its notorious collapse, Mt. Gox, once the titan of Bitcoin exchanges, is on the brink of initiating a repayment plan for its creditors. In a recent email, the exchange’s rehabilitation trustee, Nobuaki Kobayashi, conveyed the plan to begin cash repayments within the 2023 calendar year.
This momentous step marks a pivotal phase in addressing the financial aftermath of one of the most significant collapses in the crypto world.
The Dawn Of Repayment?
According to the communication, due to the vast number of creditors and the diverse nature of their claims, the repayment process’s complexity indicates that although the initial round of compensation will begin this year, the complete repayment process is expected to extend into 2024.
However, according to the trustee, the dates when individual creditors involved in the Mt. Gox rehabilitation process will receive their repayments are undecided. Therefore, it is not “feasible” for the rehabilitation trustee to inform each creditor when they will receive their repayment.
Creditors will not know precisely when they can expect their funds until the repayment process is more concretely established and underway.
Some MtGox creditors received email from the bankruptcy trustee stating that the trustee plans to start repaying creditors soon and is working to start repaying them in cash in 2023 and will continue into 2024. Mt Gox will distribute 142,000 BTC, 143,000 BCH, and 69 billion yen,… pic.twitter.com/gWW29Zycl1
— Wu Blockchain (@WuBlockchain) November 22, 2023
The trustee’s recent notice also indicates meticulous preparations are underway, wi
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Author: Samuel Edyme
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