The defunct cryptocurrency exchange Mt. Gox has started distributing Bitcoin (BTC) and Bitcoin Cash (BCH) to creditors as part of its rehabilitation plan.
An update from the MtGoxBalanceBot account on X revealed that the Mt. Gox Trustee has already moved 47,288 BTC from its total holdings of 94,457 BTC since the repayment process started.
Further repayments will continue once certain conditions are fulfilled, including account validation and agreement to the Agency Receipt Agreement through specific crypto exchanges. Discussions between the Rehabilitation Trustee and these exchanges are ongoing to ensure secure payments.
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Several Reddit users have confirmed that Bitcoin and Bitcoin Cash have begun to be credited to their respective exchanges. One user shared an email from Mt. Gox that said:
On July 5, 2024, the Rehabilitation Trustee made a blockchain transfer of the BTC/BCH amount repayable to you as the Base Repayment and the Early Lump-Sum Repayment or the Intermediate Repayment.
Founded in 2010, Mt. Gox once dominated the BTC exchange market, handling 70% of global BTC transactions. The exchange halted all BTC withdrawals in 2014, citing technical issues; it was later revealed that there had been a loss of 850,000 BTC due to a security breach.
Following this, Mt. Gox filed for bankruptcy in February 2014, and the case was converted to a civil rehabilitation process in 2018.
After over a decade of waiting, the repayment process is progressing, with a substantial amount of BTC and BCH already distributed and more repayments expected once all conditions are met.
Meanwhile, BTC traders have been gripped by fear, as reflected in the latest Crypto Fear & Greed Index update.
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