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Defunct Bitcoin exchange Mt.Gox said it would begin distributing assets stolen from clients in the 2014 hack starting in July, after years of pushing back deadlines.
JUST IN: Bankrupt Mt Gox will start with $9 billion #Bitcoin Payment in July 👀 pic.twitter.com/Rph2AupnTY
– Bitcoin Magazine (@BitcoinMagazine) June 24, 2024
“The Rehabilitation Trustee is preparing to make payments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan,” trustee Nobuaki Kobayashi said in a statement posted on the Mt.Gox website. Website today.
“Payment will take place from the beginning of July 2024,” Kobayashi said. He added, Noting that due diligence and safety steps are still required.
Mt.Gox was once the world’s largest Bitcoin exchange, handling more than 70% of all Bitcoin transactions in its early years. In 2014, hackers stole about 740,000 bitcoins, worth $15 billion today, in one of many attacks on the stock market from 2010 to 2013.
After declaring bankruptcy in 2014. Mount Gox Many have faced delays in paying compensation to victims. Last year, the Tokyo court set an October 2024 deadline for the stock exchange’s civil rehabilitation plan.
In May, Mt.Gox moved more than 140,000 bitcoins, worth about $9 billion, out of cold wallets for the first time in five years. The transactions were most likely preparations for payment.
Upcoming payments will be made in Bitcoin and Bitcoin Cash through exchanges that Mt.Gox has partnered with. Demand will depend on the progress of due diligence required with each platform.
Victims have waited more than a decade to recover the money lost when Mount Jux collapsed. For many, the July start date finally offers hope of recovering their stolen savings.
Compensation is expected to be distributed in the amount of 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Bitcoin. Japanese Yen owed to about 127,000 creditors.
Although it has been long expected, some are concerned that the large payouts could temporarily impact the price of Bitcoin if victims sell part of their recovered funds.
However, affected users are keen to move on after the Mt.Gox hack and failure became a symbol of Bitcoin’s early days. The payouts represent a final chapter in Bitcoin’s history.
