Mt. Gox was once the world’s largest Bitcoin (BTC) exchange, and after a decade of waiting, it is now preparing to start paying creditors.
The rehabilitation trustee announced that the distribution of owed Bitcoins and Bitcoin Cash (BCH) will begin in July 2024, which is a significant step towards resolving the issues of thousands of affected users.
According to the information, the payments will be made “on time” to the exchanges that have taken the necessary steps and have confirmed the required information.
The process will be gradual, with payments being prioritized depending on the readiness of the respective crypto exchanges.
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The company owes investors approximately 127,000 BTC worth a total of $9.4 billion. The exchange’s collapse was due to multiple hacking attacks over several years, resulting in the loss of over 850,000 BTC.
Despite the trustee’s announcement, the payment process may still encounter additional delays.
