News
Mt. Gox prepares to distribute refunds to deceased BTC and BCH users
Mt. Gox, the cryptocurrency exchange that lost 850,000 Bitcoin in 2024, will begin paying back its deceased users. The rehabilitation trustee announced that refunds will be processed in Bitcoin and Bitcoin Cash starting in July 2024, according to a written note from the exchange issued on June 24.
According to a statement, the rehabilitation trustee will begin the repayment process in due course. The trustee has completed the exchange and confirmation of the required information with some cryptocurrency exchanges. Refunds will be made through these exchanges.
The trustee asked users to remain patient. The order of payments will depend on the respective cryptocurrency exchange .
“We will initiate refunds in the order of cryptocurrency exchanges with which the rehabilitation trustee completes the exchange and confirmation of the required information. Please wait a while until the refunds are made,” the trustee said.
This announcement comes after a long period of waiting by users who have lost their funds. The rehabilitation process has been ongoing for several years. The trustee’s latest statement suggests the process is moving forward.
The Rise and Fall of Bitcoin: The Mt. Gox Saga
Before, Financial magnates
reported that the disappearance of Mt. Gox has made waves in the cryptocurrency world in 2014 with the loss of 850,000 Bitcoins with a value of $450 million at the time. Founder Mark Karpeles has transformed Mt. Gox from a trading card trading platform into a dominant force in Bitcoin transactions, handling more than 70% of global volume.
Following bankruptcy proceedings in Japan, a civil rehabilitation plan aims to distribute remaining assets, now significantly boosted by Bitcoin’s surge, to creditors. Legal disputes and technical challenges have delayed payments, leaving creditors uncertain despite potential interim payments before the March 2024 deadline.
Mt. Gox, the cryptocurrency exchange that lost 850,000 Bitcoin in 2024, will begin paying back its deceased users. The rehabilitation trustee announced that refunds will be processed in Bitcoin and Bitcoin Cash starting in July 2024, according to a written note from the exchange issued on June 24.
According to a statement, the rehabilitation trustee will begin the repayment process in due course. The trustee has completed the exchange and confirmation of the required information with some cryptocurrency exchanges. Refunds will be made through these exchanges.
The trustee asked users to remain patient. The order of payments will depend on the respective cryptocurrency exchange .
“We will initiate refunds in the order of cryptocurrency exchanges with which the rehabilitation trustee completes the exchange and confirmation of the required information. Please wait a while until the refunds are made,” the trustee said.
This announcement comes after a long period of waiting by users who have lost their funds. The rehabilitation process has been ongoing for several years. The trustee’s latest statement suggests the process is moving forward.
The Rise and Fall of Bitcoin: The Mt. Gox Saga
Before, Financial magnates
reported that the disappearance of Mt. Gox has made waves in the cryptocurrency world in 2014 with the loss of 850,000 Bitcoins with a value of $450 million at the time. Founder Mark Karpeles has transformed Mt. Gox from a trading card trading platform into a dominant force in Bitcoin transactions, handling more than 70% of global volume.
Following bankruptcy proceedings in Japan, a civil rehabilitation plan aims to distribute remaining assets, now significantly boosted by Bitcoin’s surge, to creditors. Legal disputes and technical challenges have delayed payments, leaving creditors uncertain despite potential interim payments before the March 2024 deadline.