The Mt. Gox cryptocurrency exchange, which lost 850,000 Bitcoin (BTC) due to a hack in 2014, is in the process of repaying its creditors. The exchange has concluded its registration exercise where clients who lost funds to the hack were asked to provide their repayment information.
In a recent statement, the exchange confirmed that the registration period has ended and outlined its plan to fulfill repayments to creditors. Nobuaki Kobayashi, the rehabilitation trustee, stated that repayments will be done in three stages: base repayment, intermediate repayment, and early lump-sum repayments. Payments will continue until October 31, 2023, with the possibility of extending the date if approved by the Tokyo District Court.
The exact start date for repayments remains unclear, but Kobayashi emphasized the need for necessary preparations before the repayment process begins. This includes confirming selections for repayment to make the process as seamless as possible.
The Mt. Gox hack is one of the most significant incidents in the history of cryptocurrencies, and the repayment process has been ongoing for years. The exchange filed for bankruptcy in 2014, and the case has gone through various stages of court proceedings since then. The recent registration exercise was the latest effort to repay creditors who lost their funds due to the hack.
Kobayashi’s statement offers hope to creditors, as the exchange is finally moving towards repaying the lost funds. However, there is still some uncertainty around the exact timeline for repayments, and creditors may need to wait a little longer for their funds to be returned. Nonetheless, the news represents a significant step forward in the Mt. Gox case, and creditors can look forward to the possibility of finally recovering their lost funds.
