Mt. Gox’s rehabilitation trustee has just revealed that it is looking to initiate Bitcoin and Bitcoin Cash repayments from next month. A notice issued on Monday underlined,
“The Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan. The repayments will be made from the beginning of July 2024.”
The notice also stated that the trustee is looking to “ensure safe and reliable repayment to creditors.” Financial regulations in each country will be adhered to. The trustee has also discussed repayment arrangements with native crypto exchanges.
As far as the order of repayment is concerned, the notice chalked out,
“We will commence the repayments in the order of the cryptocurrency exchanges with which the Rehabilitation Trustee will complete the exchange and confirmation of the required information.”
Towards the end of May, the exchange’s cold wallets indulged in a series of multi-billion worth Bitcoin transfers. As reported at the time, the defunct exchange moved assets to an unknown wallet for the first time in over five years
Tokyo-based Mt. Gox was launched in 2010. Within a couple of years, the exchange was handling around 70% of all BTC transactions worldwide. Nevertheless, due to the lack of security protocols, hackers ended up breaching its network and stealing the crypto assets of over 24,000 customers.
They ended up stealing 740,000 BTC belonging to customers, and 100,000 more belonging to the firm. The total amount was worth $460 million at the time.
Over the past few months, users registered and selected a repayment method for their compensation. Right after, they confirmed their identities and exchange account details for repayment. Mt. Gox has until the end of October to reimburse customers.
