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Mt. Gox Compensation Process Update
Mt. Gox, the defunct exchange, is nearing the final phase of its compensation process for creditors. Recent reports suggest that by October 2024, Mt. Gox is set to disburse 142,000 Bitcoin (BTC), 143,000 Bitcoin Cash (BCH), and 69 billion Japanese yen ($510 million) to creditors.
Progress in Repayments
Several Mt. Gox creditors have reported progress in receiving repayments. Updates on claims accounts indicate that cryptocurrency and fiat repayments are being processed. Some creditors have shared screenshots displaying repayment status, completed amounts, and outstanding balances.
- Reports surfaced on the Mt. Gox insolvency Subreddit in mid-April.
- Creditors have noted amounts to be paid in the repayment data table on their accounts.
Additionally, some creditors have confirmed receiving fiat currencies in their bank accounts without any fees.
Current Status of Mt. Gox Wallet
The latest update from MT.GOxBalanceBot reveals that the defunct exchange’s BTC wallet address holds 137.89K BTC, with no recent deposits or withdrawals since May 10, 2018.
Total current balance on all known addresses* of the MtGox Trustee: 137890.98188037 BTC. 0 BTC have been moved away from these addresses since 2018/05/10.
Reactions and Speculations
The recent updates have sparked mixed reactions among Mt. Gox creditors. While some remain skeptical, others speculate that repayments might begin earlier than the scheduled date of October 31.
Background on Mt. Gox
Mt. Gox, once the largest Bitcoin exchange, faced a massive hack in 2014, resulting in the loss of 850,000 Bitcoin. The stolen Bitcoins are now valued at over $57 billion. Following the hack, Mt. Gox filed for bankruptcy protection and initiated rehabilitation proceedings in 2018 to compensate affected creditors.
Delays and uncertainties have surrounded the process, leading to confusion among users awaiting the return of their funds.
Anticipated Impact on BTC Price
Experts foresee potential selling pressure in October as assets are liquidated due to the extended wait endured by Mt. Gox’s creditors, spanning nearly a decade.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
