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Defunct bitcoin exchange Mt. Gox is set to begin distributing bitcoin and bitcoin cash repayments from July, according to a notice from Rehabilitation Trustee Nobuaki Kobayashi.
“The Rehabilitation Trustee has been preparing to make repayments in Bitcoin Cash and Bitcoin Cash under the Rehabilitation Plan. Now that these preparations are in place, the Rehabilitation Trustee will commence the repayments in Bitcoin and Bitcoin Cash from the beginning of July 2024,” Kobayashi wrote in the notice.
Kobayashi emphasized that the debtor had taken the necessary time to ensure safe, reliable, and compliant repayment arrangements. Repayments will commence in the order of the cryptocurrency exchanges with which the Rehabilitation Trustee has completed the exchange and confirmation of the required information.
This news follows reports from Mt. Gox creditors that the trustee’s rehabilitation claims system has been updated with amounts of bitcoin and bitcoin cash to be repaid and the completion date for repayment in April. In May, Mt. Gox moved at least $2.9 billion in bitcoin for the first time in five years. Founded in 2010, Mt. Gox became the largest bitcoin exchange globally until a security breach in 2014 resulted in the loss of 850,000 bitcoin.
In September 2023, the trustee announced that creditors would be reimbursed with 142,000 bitcoin and 143,000 bitcoin cash, as well as fiat currency totaling 69 billion Japanese yen ($510 million), by a new deadline of October 2024.