The collapsed exchange has started debt repayments to creditors via select crypto exchanges, following the rehabilitation plan.
Mt. Gox, the collapsed crypto exchange, has begun repaying its debts in Bitcoin and Bitcoin Cash.
Repayments are being made to some rehabilitation creditors via designated crypto exchanges per its rehabilitation plan.
According to an X post by the MtGoxBalanceBot account, the total Bitcoin
$62,780
balance on all known addresses of the Mt. Gox Trustee is 94,457 BTC, with 47,288 BTC being moved from these addresses since.
Conditions for repayments
The repayments to the remaining rehabilitation creditors will be “promptly made” after multiple conditions have been met.
These conditions include confirming account validity and creditors’ acceptance of the intent to subscribe to the Agency Receipt Agreement by designated crypto exchanges.
In addition to assuring repayments are made safely and securely, discussions regarding repayment procedures between the Rehabilitation Trustee and the exchanges must also be completed.
The rise and fall of Mt. Gox
Mt. Gox was founded in 2010 by Jed McCaleb and was one of the largest BTC exchanges, handling 70% of global BTC transactions at its peak. McCaleb sold it to Mark Karpelès in 2011.
In early 2014, the exchange suspended all BTC withdrawals, citing technical issues, but later revealed approximately 850,000 BTC was lost due to a long-standing security breach.
After filing for bankruptcy in February 2014 with liabilities far outweighing its assets, the case shifted to civil rehabilitation in 2018, and Karpelès was convicted of falsifying financial records in 2019.
Exchanges credited
According to several Reddit posts and users, BTC and Bitcoin Cash
$385
have begun to be repaid and credited to exchanges.
“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.”
The Reddit post details the email received by Mt. Gox, with “MtGox Co., Ltd.” as the Rehabilitation Debtor and Nobuaki Kobayashi, Attorney-at-law, as the Rehabilitation Trustee.
Source:- COINTELEGRAPH
