Mt. Gox To Begin Bitcoin Repayments Starting in July

The now-defunct Bitcoin exchange Mt. Gox has announced it will commence the distribution of assets stolen from clients during a 2014 hack starting in July, following years of delayed deadlines.

In a statement posted on the Mt. Gox website today, trustee Nobuaki Kobayashi said, "the Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan."

Kobayashi further added, "the repayments will be made from the beginning of July 2024," while highlighting that due diligence and safety measures are still necessary.

Once the world’s largest Bitcoin exchange, Mt. Gox handled over 70% of global Bitcoin transactions during its peak. In 2014, hackers stole approximately 740,000 Bitcoin, which would be worth around $15 billion today, in a series of attacks that spanned from 2010 to 2013.

After declaring bankruptcy in 2014, Mt. Gox has experienced numerous delays in compensating victims. A Tokyo court set an October 2024 deadline last year for the exchange’s civil rehabilitation plan.

In May, Mt. Gox moved over 140,000 Bitcoin, valued at around $9 billion, from cold storage for the first time in five years, likely in preparation for the upcoming repayments.

The forthcoming payouts will be made in Bitcoin and Bitcoin Cash through exchanges partnered with Mt. Gox, with the sequence of payments depending on the completion of due diligence with each platform.

Victims have waited over a decade to recover funds lost in the Mt. Gox collapse. For many, the July start date offers a long-awaited opportunity to reclaim their stolen assets.

The reimbursements are anticipated to include 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen, to be distributed among approximately 127,000 creditors.