Defunct Bitcoin exchange Mt. Gox has announced it would start distributing the assets that were stolen by clients following a 2014 hack, starting July. This follows years of delays.
Bankrupt Mt. Gox is set to begin a $9 billion dollar project #Bitcoin Repayments for Julyđź‘€ pic.twitter.com/Rph2AupnTY
— Bitcoin Magazine (@BitcoinMagazine) June 24, 2024
“The Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan,” Nobuaki Kobayashi, a trustee of the Mt. Gox website today.
“The repayments will be made from the beginning of July 2024,” Kobayashi added, Noting that due diligence and safety measures are still needed.
Mt. Mt. Gox, the largest Bitcoin exchange in the early days of its existence, handled over 70% all Bitcoin transactions. Hackers stole 740,000 bitcoins, which are worth 15 billion dollars today. This was one of the many attacks that occurred on Gox between 2010 and 2013.
In 2014, the company declared bankruptcy. Mt. Gox The exchange has been facing numerous delays when it comes to repaying victims. Tokyo’s court gave the civil rehabilitation plan of the Tokyo Exchange a 2024 deadline.
Mt. Gox transferred over 140,000 BTC worth $9 billion from cold wallets in May, the first such transfer since 2005. It is likely that the transactions were preparations for payments.
Gox has partnered with exchanges to provide Bitcoin and Bitcoin Cash as payment methods. Gox is a partner of these exchanges. Orders will be based on how each platform is progressing with the required due diligence.
The victims have been waiting for over 10 years to get their money back after Mt. Gox collapsed. Many people are hopeful that their savings will be recovered after this start date in July.
This reimbursement is estimated to be 142,000 bitcoins, 143,000 bitcoins cash, and 69 Billion. Japanese Around 127,000 creditors owe a total of yen.
Although long expected, there are some who worry that large payouts may temporarily affect Bitcoin’s price if the victims choose to sell part of what they receive.
However, the affected users want to get on with their lives after Mt. The hacking and subsequent failure of Mt. Bitcoin’s early days are over with the repayments.
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Source: bitcoinmagazine.com