The rehabilitation trustee of the defunct Mt. Gox cryptocurrency exchange has revealed the latest repayment plan for clients who lost funds during the hack after the registration exercise finally closed.
The registration process called for former Mt. Gox clients who lost funds during the infamous Bitcoin hack of 2014 to come forward with their repayment information.
The rehabilitation trustee, Nobuaki Kobayashi, released a statement today stating that the repayment process would occur in three phases: base repayment, intermediate repayment, and early lump-sum repayments.
The payments will continue until October 31, 2023, but there is also a possibility that the date could be extended if the Tokyo District Court approves.
The exchange, which filed for bankruptcy in 2014 after being hacked, has been embroiled in a lengthy legal battle with creditors seeking to recover their lost funds. The situation has been compounded by the fluctuation of cryptocurrency prices, which has complicated the liquidation process.
9 Years Later, The Mt. Gox Saga Is Nearly Over
Mt. Gox has already paid out over $1 billion in bitcoins to creditors, but many are still awaiting the return of their funds. The exchange has yet to announce when it will commence repayments, leaving many creditors still uncertain about when they will receive their funds.
The Mt. Gox debacle is a cautionary tale about the importance of securing funds in cryptocurrency exchanges. It highlights the risks associated with investing in digital assets and the importance of taking adequate measures to protect one’s investments.
Nevertheless, the exchange’s repayment plan is a positive development for creditors who have been waiting for years to recover their funds. It provides a glimmer of hope that justice can still be served in the fast-moving world of cryptocurrency.
