Mt. Gox Finally Begins Paying Creditors After 10 Years
Delayed Transaction Promises to Reimburse Lost Bitcoin
Over 107,000 BTC Transferred Amidst Bankruptcy Proceedings
In a highly anticipated development, Mt. Gox has commenced paying creditors over a decade after the infamous cryptocurrency exchange declared bankruptcy. The first tranche of payments, totaling over 107,000 BTC (valued at approximately $7 billion), has been transferred to creditors' accounts as of April 22, 2024, at 8:19 PM PDT.
This action fulfills a key milestone in Mt. Gox's ongoing bankruptcy proceedings and comes ahead of the October 31 deadline set by the Tokyo District Court. The exchange's collapse in 2014 resulted in the loss of around 850,000 BTC, making it one of the most significant cryptocurrency scandals in history.
Creditors who have verified their claims with Mt. Gox are eligible to receive a portion of the funds. Payments are being made in a combination of BTC and Japanese yen, with creditors having the option to choose their preferred currency. Gox has also announced that cash payouts will commence in 2023 for creditors who have not yet received their full BTC allocation.
The Mt. Gox saga has been a protracted affair, involving numerous legal challenges and delays. However, the recent transfer of funds represents a significant step forward in resolving the bankruptcy case and providing long-awaited compensation to creditors.
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