Brief Overview:
• The trustee overseeing Mt. Gox’s bankruptcy proceedings took an important step forward by introducing a repayment plan.
• Multiple creditors at the center of the Mt. Gox exchange bankruptcy, who are active on Reddit, confirmed receiving the update notice.
• Meanwhile, Mt. Gox warned its creditors to be wary of fraudulent emails that may be impersonating its team.
The trustee overseeing bankruptcy proceedings for defunct cryptocurrency exchange Mt. Gox has reportedly taken important steps to facilitate a bitcoin repayment plan.
Several users on the Reddit social media platform reported that the official website of Mt. Gox had been updated and added a cryptocurrency payment option.
Mt. Gox Bitcoin Payout
The recent update has sparked mixed reactions among creditors. Some remain skeptical, but others speculate that the cryptocurrency exchange may initiate repayments sooner than expected and could wrap up before October 31, 2024.
The repayment plan includes distributing 142,000 Bitcoin (BTC), 143,000 Bitcoin Cash (BCH), and 69 billion yen to creditors.
If the repayment plan goes as expected, industry analysts expect significant selling pressure in October when creditors liquidate their assets. Such expectations stem from the long wait for Mt. Gox creditors, which has lasted nearly a decade since the exchange collapsed.
It is worth noting that progress has been made in terms of repayments, especially in terms of bank account repayments. Reports of the first Mt. Gox repayments emerged in late December 2023, with some creditors even receiving double repayments.
In 2014, Mt. Gox, once a pioneer in the crypto industry, was the victim of a massive hack. The attack resulted in the loss of 850,000 bitcoins, now worth more than $57 billion. Following the hack, Mt. Gox filed for bankruptcy protection and initiated reorganization proceedings in 2018 to compensate affected creditors.
However, the process has been plagued by delays and uncertainty due to legal disputes and other setbacks, leaving users in limbo regarding the return of their funds.
Meanwhile, the repayment progress follows warnings Mt. Gox sent to creditors about potentially fraudulent emails that, according to the team, came from the restructuring trustee and falsely moved up the repayment deadline to March 29, 2023, and urged recipients to click on a malicious link to verify their identity.
As a result, Mt. Gox quickly clarified that the emails were fraudulent and did not come from its team.
The company added, "This email is a fraudulent email impersonating the Mt. Gox team. The fraudulent email was not sent by the Reorganization Trustee and the information in the fraudulent email is completely false. Therefore, please disregard the instructions and requests in the fraudulent email." #Mt.Gox #比特币赔付
