Mt. Gox, once the world’s largest Bitcoin (BTC) exchange, is finally preparing to start repaying creditors after a decade-long wait.
The trustee in charge of the rehabilitation proceedings announced that the distribution of funds in Bitcoin and Bitcoin Cash (BCH) will commence in February 2024, marking a significant step towards resolving the issues of thousands of affected users.
It is understood that the payments will be made through exchanges that have taken the necessary steps and confirmed the required information in a timely manner.
The process will be carried out gradually, with the priority of payments depending on the preparedness of the respective cryptocurrency exchanges.
Read more:
BRICS: 19 countries make progress in CBDC testing
The company owes investors approximately 127,000 bitcoins, with a total value of $940 million. The collapse of the exchange was due to multiple hacking attacks over the years, resulting in the loss of over 850,000 BTC.
Despite the announcement by the receiver, the payment process may still face further delays.
