Mt. Gox, the defunct cryptocurrency exchange that once dominated the BTC market, has begun distributing Bitcoin (BTC) and Bitcoin Cash (BCH) to creditors as part of its rehabilitation plan. The Mt. Gox Trustee has already moved 47,288 BTC from its total holdings of 94,457 BTC since the repayment process started.
Further repayments will continue once certain conditions are fulfilled, including account validation and agreement to the Agency Receipt Agreement through specific crypto exchanges. Discussions between the Rehabilitation Trustee and these exchanges are ongoing to ensure secure payments.
Several Reddit users have confirmed that Bitcoin and Bitcoin Cash have begun to be credited to their respective exchanges. One user shared an email from Mt. Gox stating that the Rehabilitation Trustee made a blockchain transfer of the BTC/BCH amount repayable.
Founded in 2010, Mt. Gox handled 70% of global BTC transactions before halting all BTC withdrawals in 2014 due to a security breach that resulted in the loss of 850,000 BTC. The exchange filed for bankruptcy in February 2014, and the case was converted to a civil rehabilitation process in 2018.
After over a decade of waiting, the repayment process is finally progressing, with a substantial amount of BTC and BCH already distributed. More repayments are expected once all conditions are met. Meanwhile, BTC traders are experiencing fear, as reflected in the latest Crypto Fear & Greed Index update.
