On June 24, 2024, Tree News, a crypto news aggregator, reported via Bloomberg that Mt. Gox is set to begin repaying debts in Bitcoin and Bitcoin Cash in early July.

Repay

This move, while not entirely unexpected, is an unavoidable shock to the market. Signs of this event surfaced in May when Mt. Gox transferred its entire holding of Bitcoin, worth $9.6 billion, to a new address. According to the former CEO of the exchange, this transfer was to facilitate the upcoming asset distribution process.

In a report from September 2023, the trustee of Mt. Gox announced that creditors would be repaid with 142,000 Bitcoin and 143,000 Bitcoin Cash, along with fiat currency totaling 69 billion Japanese yen (approximately $510 million), by October 2024.

A portion of the debt in yen was already repaid on April 23, so the upcoming repayments will be in Bitcoin (BTC) and Bitcoin Cash (BCH). The auditing and transfer processes are being expedited, allowing users to receive their assets by early July, rather than waiting until October as initially scheduled.

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