Bitcoin

<p>In a significant development, creditors of Mt. Gox, the Bitcoin exchange that faced a devastating 2014 hack resulting in the loss of 850,000 BTC, are poised to receive cash repayments in the near future. The trustee overseeing<a href="https://www.cryptopolitan.com/mt-gox-announces-extended-repayment-deadline/" rel="noopener noreferrer nofollow"> Mt. Gox</a> estate, Nobuaki Kobayashi, initiated the communication with rehabilitation creditors via email in November.</p>
<h2 class="wp-block-heading" id="repayment-plans-unveiled">Repayment plans unveiled</h2>
<p>The email from Kobayashi outlines the trustee’s plans to kickstart the first round of cash repayments to creditors in 2023. The repayment process is expected to extend into 2024 due to the intricate nature of the proceedings. The diverse range of rehabilitation creditors, varying types of repayments, and distinct preparation and processing times contribute to the extended timeline.</p>
<p>Kobayashi emphasized the complexity of the repayment process, stating, “Due to the large number of rehabilitation creditors, the varying types of repayments, and the different preparation and processing times required, repayments will continue into 2024.”</p>
<p>In an official <a href="https://twitter.com/WuBlockchain/status/1727225084350447810" rel="noopener noreferrer nofollow" target="_blank">statement,</a> the Mt. Gox rehabilitation trustee disclosed the redemption of 7 billion Japanese yen, equivalent to $47 million, to fund the repayment of claims. Following this redemption, the total trust assets were reported to be approximately 8.8 billion JPY, or around $59 million. This financial move indicates a tangible step towards the long-awaited reimbursement for affected creditors.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">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 last until 2024. Mt Gox will distribute 142,000 BTC, 143,000 BCH, and 69 billion yen,… <a href="https://t.co/jJW7v2qKws" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/jJW7v2qKws</a></p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1727225084350447810?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">November 22, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="background-on-mt-gox">Background on Mt. Gox</h2>
<p>Launched in 2010, Mt. Gox quickly ascended to become the world’s largest Bitcoin exchange by 2013, facilitating 70% of global Bitcoin transactions. However, the platform’s prominence was short-lived, as in early 2014, it ceased all withdrawals and halted trading. Subsequently, the website was taken down, and the company declared bankruptcy after losing over 800,000 bitcoins.</p>
<p>In a previous development in September, Mt. Gox extended the deadline for rehabilitation creditor repayments from October 31, 2023, to October 31, 2024. This extension allowed for additional time to navigate the intricacies of the repayment process, ensuring a more systematic and fair distribution of funds to the diverse group of creditors.</p>
<p>The trustee provided creditors with the means to track the status of their repayments through the claim filing system. This transparency in the process aims to keep creditors informed about the progress of their claims, given the large number of stakeholders involved.</p>

Trustee announces commencement of repayments for Mt. Gox creditors

Table of Contents

Cryptopolitan_News

Other articles published on Nov 22, 2023

Indian Finance Minister Smt Nirmala Sitharaman to inaugurate DATE in New Delhi

Unveiling the Future Potential of AMM Models in Derivatives Trading Through Equation

Binance Announces Trading for 2 Altcoins with 50x Leverage

Who is Binance's New CEO Richard Teng? Company Published its Biography!

OpenAI Reinstates Sam Altman After Mass Backlash

3 Meme Cryptos You Must Own Before Bitcoin ETF Approval Ignites A Bull Run

Join our free newsletter for daily crypto updates!