Mt. Gox Creditors to Receive Repayments
Court Extends Repayment Deadline to 2024
PayPal Repayments Initiated Tied to 2014 Bitcoin Hack
In a significant development, creditors of the defunct Mt. Gox crypto exchange have been notified of an update regarding their claims. As per these updates, creditors with claims related to the massive 2014 Bitcoin hack will receive compensation starting in 2023.
The Tokyo District Court, which has been overseeing the Mt. Gox bankruptcy proceedings, extended the repayment deadline to October 31, 2024. This extension provides creditors with additional time to process their claims and receive their respective compensation.
Reports indicate that creditors have observed updates to their Mt. Gox claims accounts. These updates suggest that the rehabilitation trustee has commenced the process of distributing funds through PayPal. The repayments are expected to be made in installments over the course of several years.
The 2014 Mt. Gox hack remains one of the most infamous events in the history of cryptocurrencies. At the time of the breach, hackers stole approximately 850,000 Bitcoin (BTC) and 25,000 Bitcoin Cash (BCH), amounting to billions of dollars.
The recent announcement of impending repayments marks a crucial milestone in the long-running Mt. Gox saga. Creditors who have been patiently waiting for compensation will now finally see their claims addressed. This development underscores the commitment of the relevant authorities to resolve the bankruptcy and provide compensation to affected parties.
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