Mt. Gox Creditors to Receive Bitcoin Payments Starting 2023 Based on Rehabilitation Plan

cryptonews.com:

Nearly a decade after the collapse of the Mt. Gox cryptocurrency exchange, creditors may finally receive some relief. In an email sent to rehabilitation creditors on Wednesday, the trustee overseeing the Mt. Gox bankruptcy estate, Nobuaki Kobayashi, announced plans to commence repayments in 2023, with the process extending into 2024.

The email provided details about the repayment timing and logistics based on the rehabilitation plan approved by the Tokyo District Court in February 2021. This court order marked the conclusion of a years-long legal battle and set the stage for compensating Mt. Gox creditors.

As per the email, Kobayashi is making efforts to begin cash repayments within 2023. The varying types of repayments, large creditor pool, and processing times mean the exact timing of individual payments remains undetermined, however.

Mt Gox is beginning sales pic.twitter.com/WJbj1nrEO9

— Napgone (@napgener) November 22, 2023

Creditors are currently not required to take any action prior to repayment. The email directs creditors to the online claims filing system to confirm their status and ensure that registered information is approved and valid. Repayment method and destination details must be completed for creditors to receive funds.

The collapse of Mt. Gox in 2014 after a hack resulted in the loss of approximately 650,000 to 850,000 Bitcoins, some belonging to the exchange and others to creditors. The missing cryptocurrency was valued in the hundreds of millions, leading Mt. Gox to file for bankruptcy protection in Japan.

For years, creditors have awaited compensation through a complex legal battle. Mt. Gox ultimately located only around 200,000 of the lost Bitcoins. Now, with the rehabilitation plan in place, creditors