Mt Gox to Begin Long-Awaited Bitcoin Repayments in July 2024
In a pivotal development for the cryptocurrency community, the long-anticipated repayments to the creditors of the defunct Mt Gox exchange are set to commence in July 2024. This moment marks a significant milestone for the approximately 127,000 creditors who have been waiting over a decade to recover their lost funds. The repayments, which will be made in Bitcoin (BTC) and Bitcoin Cash (BCH) , follow years of postponed deadlines and extensive preparations by the exchange’s rehabilitation trustee. The Fall of Mt Gox Mt Gox, once the world’s largest cryptocurrency exchange, facilitating more than 70% of all Bitcoin transactions at its peak, collapsed in early 2014 after a series of hacks that went undetected for years. The most devastating breach resulted in the loss of 850,000 BTC, valued at approximately $51.9 billion at current prices. The exchange’s downfall caused a significant loss of investor funds and led to a dramatic plunge in Bitcoin prices, whic...