The collapsed exchange has begun paying its creditors through selected exchanges.
Collapsed cryptocurrency exchange Mt. Gox has begun paying off its debts with Bitcoin and Bitcoin Cash.
Under its restructuring plan, repayments are being made to some restructuring creditors through designated cryptocurrency exchanges.
According to posts from the MtGoxBalanceBot account, the balance of all known addresses of the Mt. Gox trustee was 94,457 BTC, and 47,288 BTC have since been transferred from these addresses.
Repayment terms:
Payments to the remaining reorganization creditors will be made “in a timely manner” after a number of conditions are met.
These conditions include confirmation of account validity and the creditor’s acceptance of the designated cryptocurrency exchange’s agent reception agreement.
In addition to ensuring safe and secure repayment, discussions between the trustee and the exchange regarding the repayment process must also be completed.
The rise and fall of Mt. Gox:
Founded in 2010 by Jed McCaleb, Mt. Gox was one of the largest Bitcoin exchanges in the world at the time, processing 70% of global Bitcoin transactions at its peak. McCaleb sold it to Mark Karpelès in 2011.
In early 2014, the exchange suspended all Bitcoin withdrawals citing technical issues, and it was later revealed that approximately 850,000 Bitcoins were lost due to a prolonged security breach.
After filing for bankruptcy in February 2014 with liabilities far exceeding its assets, the case shifted to civil rehabilitation in 2018 and Karpelès was convicted in 2019 of falsifying financial records.
Exchanges credited
According to some Reddit posts and users, Bitcoin and Ethereum have started to be repaid and enter exchange accounts.
Reddit detailed emails received by Mt. Gox, in which "MtGox Co., Ltd." is the reorganization debtor and lawyer Nobuaki Kobayashi is the reorganization trustee.
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