Mt. Gox Creditors Hold Up to 90 Days for Payouts in Bitcoin and Bitcoin Cash

IconCryptoNewsTerminal Staff05 Jul, 2024

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Mt. Gox Creditors Hold Up to 90 Days for Payouts in Bitcoin and Bitcoin Cash

Mt. Gox, the bankrupt cryptocurrency exchange, is expected to take up to 90 days to pay back creditors in Bitcoin and Bitcoin Cash (BCH). The Block, a cryptocurrency media outlet, reported this news. The repayment process depends on the circumstances of the designated exchange. Mt. Gox filed for bankruptcy in 2014 after losing 850,000 Bitcoin due to a hack. In 2018, the exchange announced a plan to repay creditors in Bitcoin, Bitcoin Cash, and Japanese Yen. The repayment process has been delayed several times due to legal challenges and technical issues. However, the latest update from Mt. Gox suggests that creditors will finally receive their payouts soon. This news is a positive development for Mt. Gox creditors, who have been waiting for years to be repaid. It also shows that the cryptocurrency industry is maturing and becoming more regulated.

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