Mt Gox Trustee Announces Repayment of Creditors with BTC and BCH

IconCryptoNewsTerminal Staff05 Jul, 2024

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Mt Gox Trustee Announces Repayment of Creditors with BTC and BCH

Mt Gox, once the largest cryptocurrency exchange in the world, has begun repaying its creditors in Bitcoin (BTC) and Bitcoin Cash (BCH). Nobuaki Kobayashi, the rehabilitation trustee overseeing the exchange's bankruptcy proceedings, made the announcement in a statement on the Mt Gox website. The repayment process is currently underway, with a portion of creditors receiving their funds in BTC and BCH. However, not all creditors are being repaid at this time. Kobayashi stated that certain conditions must be met before the remaining creditors can receive their funds. The news of the Mt Gox repayment marks a significant development in the long-running saga of the exchange's collapse. Mt Gox filed for bankruptcy in 2014 after losing 850,000 BTC in a hack. The exchange's creditors have been waiting for years to receive compensation for their losses. The rehabilitation process for Mt Gox has been complex and time-consuming. However, the recent announcement by Kobayashi suggests that progress is finally being made towards resolving the exchange's bankruptcy.

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