Mt. Gox Begins Distribution Of Returns In Bitcoin And Bitcoin Cash In July

Mt. Gox began distributing returns in Bitcoin and Bitcoin Cash in July (Photo; Doc. Ikok)

JAKARTA - After nearly a decade since the famous fall, Mt. Gox, the Japanese Bitcoin exchange, will start distributing returns to its creditors in the form of Bitcoin (BTC) and Bitcoin Cash (BCH) starting in July 2024.

The collapse of Mt. Gox in 2014 sparked years of legal proceedings and efforts to recover lost assets. In 2018, around 200,000 Bitcoins were rediscovered, starting a long rehabilitation process under the supervision of a guardian appointed by the court. Since then, creditors have been waiting for compensation with various delays that interfere with the process.

In the latest filing, it is known that starting July 2024, the rehabilitation guardian will begin the refund process by distributing BTC and BCH to creditors. This distribution aims to compensate users who lost their funds at the collapse of Mt. Gox. Detailed details about the return plan, including the proportion of assets to be distributed and its completion schedule, continue to be monitored by the crypto community.

According to a CryptoNews report, Mt. Gox has an obligation to pay 142,000 BTC (approximately IDR 144 trillion) to its creditors before October 31, 2024. In addition, Mt. Gox also owes 72 million US Dollars (approximately IDR 1.1 trillion) in Bitcoin Cash and 445.8 million US Dollars (approximately IDR 7.2 trillion) in fiat currency.

In May, Mt. Gox moved billions of Bitcoins impacting the market. K33 Research analyst Anders Helseth and Vetle Lunde, in their market record on April 23, suggested that creditors might start accepting their Bitcoins in May. However, this distribution process will only actually begin in July.

Bitcoin and Bitcoin Cash distribution steps by Mt. Gox marks an important milestone in solving financial problems that have been going on for a decade.

Meanwhile, the price of Bitcoin fell below 62,500 US Dollars (approximately IDR 1 billion) as the crypto market experienced one of the worst weekly declines this year. Bitcoin is trading at a monthly low of around 62,490 US Dollars in the middle of six consecutive days of outflow from Bitcoin ETF in the US and monetary policy uncertainty. Bitcoin prices have fallen 6% in the past seven days.