Mt. Gox, the cryptocurrency exchange that lost 850,000 Bitcoin in 2024, will start repaying its defunct users. The rehabilitation trustee has announced that repayments will be processed in Bitcoin and Bitcoin Cash starting July 2024, according to a written note by the exchange issued on June 24.

Repayments to Start Soon

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 certain cryptocurrency exchanges. The repayments will be made through these exchanges.

The trustee has requested users to remain patient. The order of the payments will depend on the respective cryptocurrency exchange.

"We will commence the repayments in the order of the cryptocurrency exchanges with which the Rehabilitation Trustee will complete the exchange and confirmation of the required information. Please wait for a while until the repayments are made," the trustee stated.

BREAKING: Mt Gox to start $BTC and $BCH repayments in July. Expect turbulence, especially with Fed week this week too.The Tokyo-based Mt. Gox was hacked in 2011 and went bankrupt in 2014 after it lost 850,000 #BTC. It will repay creditors around $9 billion in #Bitcoin,… pic.twitter.com/VXAzGnLncg

— Ken Standfield (Inventor - CTKS Method) (@StandfieldKen) June 24, 2024

This announcement comes after a long period of anticipation from the users who lost their funds. The rehabilitation process has been ongoing for several years. The trustee's latest statement suggests that the process is moving forward.

Bitcoin's Rise and Fall: The Mt. Gox Saga

Earlier, Finance Magnates reported that the demise of Mt. Gox reverberated through the cryptocurrency world in 2014 with the loss of 850,000 Bitcoins valued at $450 million at the time. Founder Mark Karpeles transformed Mt. Gox from a platform for trading collectible cards into a dominant force in Bitcoin transactions, handling over 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 payouts, leaving creditors uncertain despite potential interim payments before the March 2024 deadline.

This article was written by Tareq Sikder at www.financemagnates.com.