Mt Gox to Start Distributing $9 Billion in Bitcoin to Creditors in July After Decade-Long Wait

On Monday, June 24, 2024, the Mt Gox bankruptcy trustee declared that reimbursements are slated to commence at the start of July. The trustee explained that disbursements will be made in bitcoin and bitcoin cash and sent to designated exchanges.

After Ten Years, Mt Gox Trustee Announces July Start for Repayments

Approximately $9 billion worth of bitcoin (BTC) and $50.8 million in bitcoin cash (BCH) are poised to be distributed to Mt Gox creditors. “The repayments will be made from the beginning of July 2024,” the official Mt Gox announcement stated. This disbursement follows a lengthy wait of ten years and three months by creditors for reimbursement. Mt Gox ceased operations on Feb. 24, 2014, when it halted all trading and took its website offline.

In the wake of losing 850,000 BTC, Mt Gox discovered 202,000 bitcoins in March 2014. This Monday, the trustee reported that the rehabilitation team has dedicated considerable effort to ensuring that the payments will be executed safely and securely. The trustee emphasized compliance “with financial regulations in each country.” The communication to customers urges creditors to remain patient “until the repayments are made.”

After the announcement went viral, the price of bitcoin dropped to a low of $60,580 per coin. Presently, the leading crypto asset is just above the $61,000 threshold after the price dump.

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