Mt. Gox is set to initiate the distribution of approximately $9 billion worth of Bitcoin and Bitcoin cash repayments.
This development follows a notice issued by Rehabilitation Trustee Nobuaki Kobayashi on Monday, detailing the long-awaited repayment plans.
Mt. Gox Announces $9B Bitcoin Repayment Initiative
According to an official announcement, preparations have been finalized to start repayments under the Rehabilitation Plan, focusing on Bitcoin and Bitcoin Cash. The trustee emphasized the debtor’s diligence in ensuring secure, reliable, and compliant repayment arrangements. They prioritize exchanges where necessary information confirmation and exchange will occur.
Creditors of Mt. Gox have been eagerly awaiting this distribution after recent updates to the trustee’s rehabilitation claims system in April. It disclosed the amounts of bitcoin and bitcoin cash slated for repayment along with their expected completion date. This announcement comes on the heels of Mt. Gox’s movement of at least $2.9 billion in Bitcoin last May, marking its largest transaction since its collapse.
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More About Mt. Gox
Based on current market prices, the estimated distribution from Mt. Gox includes 141,868 BTC and 141,868 BCH.
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The distribution not only aims to compensate users for their losses from the 2014 collapse. Also, it reflects the trustee’s efforts to navigate the complexities of markets to maximize repayment effectiveness.
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