The long-awaited repayment process for Mt. Gox creditors has finally begun, with the defunct cryptocurrency exchange distributing Bitcoin (BTC) and Bitcoin Cash (BCH) as part of its rehabilitation plan. The Mt. Gox Trustee has already moved a significant amount of BTC from its total holdings, with more repayments expected once certain conditions are met.
Mt. Gox, once a dominant player in the BTC exchange market, faced a major setback in 2014 when it halted all BTC withdrawals due to technical issues and later revealed a loss of 850,000 BTC from a security breach. After filing for bankruptcy in 2014, the case was converted to a civil rehabilitation process in 2018.
Now, after over a decade of waiting, creditors are finally seeing some progress in the repayment process. Several Reddit users have confirmed receiving Bitcoin and Bitcoin Cash credits to their exchanges, marking a significant milestone in the long road to recovery for Mt. Gox creditors.
As discussions continue between the Rehabilitation Trustee and crypto exchanges to ensure secure payments, the crypto community is eagerly watching the developments. With more repayments expected in the future, the Mt. Gox saga is far from over, but creditors can finally see some light at the end of the tunnel.
