In July, the Mt. Gox trustee is expected to initiate the reimbursement procedure for users and distribute Bitcoin and Bitcoin Cash: will this be the right time?
On June 24th, the trustee of the failed Mt. Gox exchange announced plans to begin reimbursements to creditors. Payments in Bitcoin and Bitcoin Cash are expected to start next month, with the process being carried out gradually.
As confirmed by trustee Nobuaki Kobayashi, last May, Mt. Gox transferred 141,686 BTC, worth $9.62 billion, to a new address, as part of the reimbursement preparation process.
Despite the announcement, the reimbursement process could face further delays given the various postponements over the years. Initially, the deadline was set for September 2023, one month before the originally scheduled date of October 31, 2023. Trustee Kobayashi then announced a new postponement of the reimbursement deadline. The current deadline is set for October 31, 2024, exactly one year after the previous deadline.
Following the announcement of potential reimbursement distribution, the usual Mt. Gox Fud has resurfaced within the Bitcoin community, with concerns about a potential large-scale sale of Bitcoin by compensated customers and the consequent price drop that such a sale could cause.
