Mt. Gox Commences Bitcoin and Bitcoin Cash Repayments

Mt. Gox, the defunct cryptocurrency exchange, has initiated repayments in Bitcoin and Bitcoin Cash.

The repayments are being processed through selected cryptocurrency exchanges, in accordance with the rehabilitation plan set forth.

An X post by the MtGoxBalanceBot account indicates that the total Bitcoin balance on all known addresses of the Mt. Gox Trustee stands at 94,457 BTC, with 47,288 BTC having been transferred from these addresses so far.

Conditions for repayments

The remaining rehabilitation creditors will receive their repayments “promptly” once several conditions are fulfilled.

These conditions include verifying account validity and obtaining creditors’ agreement to the Agency Receipt Agreement via the designated cryptocurrency exchanges.

Additionally, ensuring secure and safe repayments involves finalizing the procedures between the Rehabilitation Trustee and the exchanges.

The rise and fall of Mt. Gox

Founded in 2010 by Jed McCaleb, Mt. Gox quickly became one of the largest Bitcoin exchanges, handling 70% of the world’s BTC transactions at its height. McCaleb sold the exchange to Mark Karpelès in 2011.

In early 2014, Mt. Gox halted all BTC withdrawals, initially citing technical difficulties. It was later revealed that approximately 850,000 BTC had been lost due to a prolonged security breach.

Following a bankruptcy filing in February 2014, with liabilities far exceeding assets, the case transitioned to civil rehabilitation in 2018. In 2019, Karpelès was found guilty of falsifying financial records.

Exchanges credited

According to multiple Reddit posts, repayments in BTC and Bitcoin Cash have started being credited to users’ exchange accounts.

“On July 5, 2024, the Rehabilitation Trustee executed a blockchain transfer of the BTC/BCH amount payable to you as part of the Base Repayment and the Early Lump-Sum Repayment or the Intermediate Repayment.”

The Reddit post elaborates on the email received from Mt. Gox, identifying “MtGox Co., Ltd.” as the Rehabilitation Debtor and Nobuaki Kobayashi, Attorney-at-law, as the Rehabilitation Trustee.

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