Mt. Gox Bitcoin Trustee Signals Imminent Repayments to Creditors Starting 2023
Summary:
The defunct Mt. Gox Bitcoin exchange's trustee, Nobuaki Kobayashi, has reportedly begun hinting at imminent repayments to creditors. An email suggests that the first cash repayments are planned for 2023, with further repayments to continue in 2024. In official documents, a recent asset redemption of 7 billion Japanese yen ($47 million) was announced, set to fund repayments, leaving the fund with approximately 8.8 billion JPY ($59 million) post-redemption.
Reports have emerged suggesting that those owed money by the defunct Mt. Gox Bitcoin exchange, which in 2014 lost 850,000 BTC in a cyber attack, have been given fresh signs that reimbursements are imminent. Trustee Nobuaki Kobayashi, responsible for managing the bankrupt Bitcoin exchange's assets, reportedly began on November 21 to contact creditors waiting for compensation, as reported by several social media users.
A widely circulated email, supposedly from Kobayashi, outlines plans to initiate the first wave of reimbursements in cash to creditors in 2023. Continuation of repayments is slated for 2024, although no specifics were given regarding individual compensation timelines. The email details the complexity of the process, highlighting factors such as the sheer number of creditors and the variation in repayment types contributing to the ongoing process into 2024.
These updates coincide with an official announcement issued by the Mt. Gox trustee on November 22 regarding asset redemptions, which revealed that a sizable sum of 7 billion Japanese yen ($47 million) has been secured to help cover the claims. The statement further revealed the total funds left post-redemption stand at around 8.8 billion JPY, approximately $59 million.
Initially, expectations pegged October 2023 as the deadline for the Mt. Gox trustee to reimburse the creditors. However, in September 2023, the deadline was officially extended to October 2024.
This is an unfolding story, and more details will be provided as they are uncovered.
Published At
11/22/2023 8:53:03 AM
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