Mt. Gox to Start Bitcoin and Bitcoin Cash Repayments in July

Published: Jun 24, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

Mt. Gox rehabilitation trustee Nobuaki Kobayashi has announced that repayments in Bitcoin and Bitcoin Cash to creditors will begin in July 2024. 

The latest announcement has given a sigh of relief to thousands of investors who lost their money in the exchange hack.

Key points:

  • Repayments in Bitcoin and Bitcoin Cash will begin in early July 2024.
  • Distributions will be made through cryptocurrency exchanges that have completed the necessary verifications.
  • In May 2024, over 140,000 BTC were moved from Mt. Gox-linked wallets.
  • Mt. Gox was once the world’s largest Bitcoin exchange before its collapse in 2014.

The announcement comes on the heels of a large movement of funds in late May 2024. This is when wallets associated with Mt. Gox transferred over 140,000 BTC to an unknown address. This transfer initially sparked concerns and caused a temporary dip in Bitcoin’s price.  

Mt. Gox will commence repayments in the order of the crypto exchanges

Nobuaki Kobayashi mentioned in the announcement that the team has been working diligently to address various challenges.

This includes implementing technical safeguards for secure repayments, ensuring compliance with financial regulations across different jurisdictions, and coordinating repayment arrangements with participating cryptocurrency exchanges.

The announcement states that the repayment process will be gradual. This means that distributions will begin with exchanges that have successfully completed the exchange and confirmation of the required information.  

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Mt. Gox was once the world’s largest Bitcoin exchange. The exchange was the victim of a hack in 2014 that resulted in the loss of approximately 850,000 BTC. This event also led to years of legal battles and rehabilitation efforts.

The Mt. Gox saga, nearing its conclusion, will undoubtedly be remembered as one of the largest crypto hacks in the history. Investors should brace for market volatility as pool of Bitcoin is likely to enter the market.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.