Mt. Gox will soon start distributing around $9 billion in Bitcoin and Bitcoin Cash.
In a notice posted on the Mt. Gox website, the entity said distributions will start in July:
“The Rehabilitation Trustee has been preparing payments in Bitcoin and Bitcoin Cash in accordance with the rehabilitation plan. With these preparations in sight, the Rehabilitation Trustee will begin making payments in Bitcoin and Bitcoin Cash in sequence to virtual currency exchanges for which the exchange and confirmation of information necessary for payment has been completed. These payments will be made from the beginning of July 2024. It took time to make safe and reliable payments to creditors, including technological measures to ensure safe payments, compliance with financial regulations in each country, and coordination of payment procedures with each virtual currency exchange, but payments will begin in the order in which the necessary information exchange and confirmation has been completed, so please wait for a while until the actual payments are made.” [translated]
Originally, the date for distributions had been set for October of 2023.
The saga of Mt. Gox is one of the more spectacular collapses in the cryptosphere. Based in Japan, at one time the crypto exchange was said to enable 70% of the Bitcoin trading market.
In 2014, a series of events including allegations of missing Bitcoin and issues with transactions, eventually propelled the company into bankruptcy protection. There were also allegations of theft and money laundering in regard to some Bitcoin transactions. The odyssey of Mt. Gox is convoluted and emblematic of the early potential of Bitcoin as well as profound issues within the digital asset industry. In 2021, a plan was adopted by the majority of creditors with a deadline for claims set for October 2023.
There has been some chatter about a flood of Bitcoin in the market which may depress prices of the digital asset. In any event, the one certainty is that Bitcoin is a volatile asset – something many traders love.