Defunct cryptocurrency exchange Mt. Gox has initiated the repayment of its debts in Bitcoin (BTC) and Bitcoin Cash (BCH) to users following the rehabilitation plan.
Some rehabilitation creditors receive repayments through designated crypto exchanges following the rehabilitation plan.
The Mt. Gox Trustee’s total Bitcoin balance on all known addresses is 94,457 BTC, as indicated by an X post by the MtGoxBalanceBot account. Since then, 47,288 BTC have been transferred from these addresses.
Repayment terms
The remaining rehabilitation creditors will receive reparations “promptly” upon fulfilling numerous conditions.
These conditions encompass verifying account validity and approving creditors’ intent to subscribe to the Agency Receipt Agreement by designated crypto exchanges.
In addition to guaranteeing the safe and secure implementation of repayment procedures, the Rehabilitation Trustee and the exchanges must also engage in discussions regarding repayment procedures.
The ascent and descent of Mt. Gox
Founded in 2010 by Jed McCaleb, Mt. Gox was one of the largest BTC exchanges, accounting for 70% of global BTC transactions at its zenith. Mark Karpelès acquired it from McCaleb in 2011.
The exchange suspended all BTC withdrawals in early 2014, citing technical issues. However, it subsequently disclosed a long-standing security breach that resulted in the loss of approximately 850,000 BTC.
The case transitioned to civil rehabilitation in 2018, and Karpelès was convicted of falsifying financial records in 2019. This occurred after the company filed for bankruptcy in February 2014, with its liabilities significantly outweighing its assets.
Credited exchanges
Following numerous Reddit posts and users, exchanges have initiated repaying and crediting BTC and Bitcoin Cash.
“On July 5, 2024, the Rehabilitation Trustee made a blockchain transfer of the BTC/BCH amount repayable to you as the Base Repayment and the Early Lump-Sum Repayment or the Intermediate Repayment.”
The Reddit post provides a detailed account of the email that Mt. Gox received, which identified “MtGox Co., Ltd.” as the Rehabilitation Debtor and Nobuaki Kobayashi, Attorney-at-law, as the Rehabilitation Trustee.
