MtGox Begins Repaying Creditors: Cryptocurrency Exchange Fulfills Long-Awaited Promise

IconCryptoNewsTerminal Staff04 Jul, 2024

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MtGox Begins Repaying Creditors: Cryptocurrency Exchange Fulfills Long-Awaited Promise

MtGox, the once-dominant cryptocurrency exchange, has finally begun repaying its creditors. This marks a significant milestone in the long-running saga surrounding the exchange's collapse in 2014, which resulted in the loss of hundreds of millions of dollars worth of Bitcoin belonging to users. The repayment process has been overseen by bankruptcy trustee Nobuaki Kobayashi, who has been working to distribute the remaining assets of the exchange to creditors. According to a recent report from cryptocurrency news outlet X account DB, creditors have begun receiving payments in Bitcoin and Japanese yen. The repayment process is expected to continue for some time, as the exact amount of funds available for distribution and the number of eligible creditors still need to be determined. However, the initiation of repayments is a positive step for MtGox creditors, who have been waiting for years to recover their lost funds.

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