Mt. Gox plans to begin reimbursing its creditors by the end of 2023: details.
In an email to its creditors today, Mt. Gox revealed that the bankruptcy trustee is actively working to initiate reimbursements by the end of 2023.
The announcement follows a series of delays due to legal issues. The reimbursement process is expected to continue until 2024, given the vast number of creditors involved.
Reimbursement management
The trustee overseeing Mt. Gox’s bankruptcy proceedings, Nobuaki Kobayashi, communicated that it would not be feasible to individually notify each creditor of the timing of reimbursement. However, he assured that every creditor would have the opportunity to monitor the status of reimbursements through a claims management system.
Mt. Gox history
Mt. Gox was founded in Japan and was among the very first bitcoin exchanges. During its heyday, it handled over 70% of all Bitcoin transactions.
In 2011, the platform suffered a severe cyberattack that led to its bankruptcy in 2014. Therefore, Mt. Gox cited insolvency as the cause of its failure and initiated civil rehabilitation proceedings four years later to reimburse its creditors.
The bankruptcy of Mt. Gox had significant consequences, involving around 24,000 creditors and resulting in the loss of 850,000 bitcoin.
According to recent reports, Mt. Gox currently holds approximately 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen.