Update on Mt. Gox Compensation Process: Repayments Expected by October 2024
Mt. Gox, the once-dominant Bitcoin exchange that fell victim to a massive hack in 2014, is finally nearing the end of its long-awaited compensation process for creditors. According to a recent report shared on Reddit, Mt. Gox is set to distribute 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen ($510 million) by October 2024.
Several Mt. Gox creditors have already reported receiving repayments, with some even receiving double payments in their bank accounts. The progress in the repayment process has sparked mixed reactions among creditors, with some expressing skepticism and others hopeful for an earlier completion date than the projected October 31 deadline.
The Mt. Gox saga began in 2014 when the exchange was hacked, resulting in the loss of 850,000 Bitcoin, now valued at over $57 billion. The exchange filed for bankruptcy protection and initiated rehabilitation proceedings in 2018 to compensate affected creditors. However, delays and legal disputes have plagued the process, leaving creditors in limbo for nearly a decade.
As the repayment plan progresses in 2024, experts anticipate a significant selling pressure in October as creditors liquidate their assets. This selling pressure is expected due to the extended wait endured by Mt. Gox creditors and the uncertainty surrounding the return of their funds.
Overall, the approaching conclusion of Mt. Gox’s compensation process marks a significant milestone in the cryptocurrency world, bringing closure to a chapter that has lingered for years. Stay tuned for further updates on this developing story.
