In a recent update, the Mt. Gox Rehabilitation Trustee, Nobuaki Kobayashi, has requested creditors to wait further for their Bitcoin and Bitcoin Cash repayments. The notice, dated July 5, 2024, outlines the progress and conditions for the repayments. On July 5, 2024, the Rehabilitation Trustee initiated partial repayments in Bitcoin and Bitcoin Cash to some rehabilitation creditors. The Rehabilitation Plan executed these repayments through a portion of the Designated Cryptocurrency Exchanges.
Repayments will be made promptly once certain conditions are met for the remaining creditors. These conditions include the verification of the validity of registered accounts and other related matters, acceptance of the intention to subscribe to the Agency Receipt Agreement by the Designated Cryptocurrency Exchanges, and the finalisation of discussions between the Rehabilitation Trustee and Designated Cryptocurrency Exchanges regarding the repayments. Additionally, there must be assurance that repayments can be made safely and securely.
Ongoing Delays and Creditor Frustration
Despite these efforts, the Trustee’s request for creditors to “wait for a while” has sparked frustration among the creditor community. A tweet highlighting the prolonged delay questioned the indefinite nature of “a while,” pointing out that it has already been ten years since the collapse of Mt. Gox. The tweet read,
“The box trustee keeps telling creditors to ‘wait for a while’. Sir, it has been ten years. What is a while?”
Mt. Gox, once the world’s largest Bitcoin exchange, filed for bankruptcy in 2014 after losing approximately 850,000 Bitcoins, worth around $450 million. The ongoing rehabilitation process has been marred by delays and legal complexities, leaving many creditors awaiting resolution and repayment.
As the Mt. Gox rehabilitation process drags on, creditors remain in a state of uncertainty. The latest request for additional patience underscores the challenges involved in resolving one of the world’s most infamous collapses in cryptocurrency.
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