Mt. Gox to start Bitcoin, Bitcoin Cash repayments in July

Failed crypto exchange Mt. Gox’s board of trustees wrote in its latest notice that refunds on Bitcoin and Bitcoin Cash will begin in July.

Once the world’s largest Bitcoin exchange, Mt. Nearly a decade after its collapse, Gox looks set to finally start repaying its creditors of 142,000 BTC, 143,000 BCH, and ¥69 billion (about $432 million).

Failed crypto exchange Mt. Gox trustee Nobuaki Kobayashi wrote in his latest notice that refunds in Bitcoin (BTC) and Bitcoin Cash (BHC) will begin in early July 2024, following extensive preparations to ensure secure and compliant transactions.

“We have devoted time to ensuring a safe and reliable refund to creditors, including technical solutions for secure refunds, compliance with financial regulations in each country, and discussing refund arrangements with cryptocurrency exchanges.”

Nobuaki Kobayashi

The notice states that refunds will begin in the order of crypto exchanges in which the Rehabilitation Board of Trustees has completed the exchange and approval of the required information. However, it is unclear how quickly these refunds will be processed and what immediate impact they will have on the crypto market.

Following the news, Bitcoin dropped by approximately 3% and is trading at $62,440, according to CoinMarketCap data.

Founded in 2010, Mt. Gox has grown rapidly to become the largest Bitcoin exchange in the world. But the success was short-lived, as in early 2014 the Tokyo-based platform abruptly stopped trading, shut down its website and filed for bankruptcy protection, revealing that it had lost around 850,000 BTC, worth around $450 million at the time. Subsequent investigations revealed that the majority of these Bitcoins were stolen over several years, starting from the exchange’s hot wallets in late 2011.