July Marks Start of Mt. Gox Bitcoin and Bitcoin Cash Repayments

Over ten years after its catastrophic collapse, Mt. Gox, the largest Bitcoin exchange in the world, is about to start paying back its creditors. In return, the exchange will give back ¥69 billion, or around $432 million, in addition to 142,000 BTC and 143,000 BCH.

Repayment Details and Timeline

In a recent announcement, Mt. Gox trustee Nobuaki Kobayashi stated that reimbursements in Bitcoin (BTC) and Bitcoin Cash (BCH) will begin in early July of 2024. The extensive planning was done to make sure that the transactions were legal and secure.

“We have taken time to ensure safe and reliable repayment to creditors, including technical remedies for safe repayments, compliance with financial regulations in each country, and discussion of repayment arrangements with the cryptocurrency exchanges,” Kobayashi stated.

Repayments will be made in accordance with the sequence in which the Rehabilitation Trustee has verified the relevant data with cryptocurrency exchanges. The speed of these repayments and how they would affect the cryptocurrency market right away are yet unknown.