On June 24, 2024, crypto news site Tree News, citing Bloomberg, reported that Mt. Gox plans to start paying back its debts in Bitcoin and Bitcoin Cash in early July.
Mt. Gox To Distribute Bitcoin, Bitcoin Cash Repayments Starting Beginning Of July 2024: Notice pic.twitter.com/8PXJiiLFQF
— Tree News (@News_Of_Alpha) June 24, 2024
This move wasn’t a big surprise, as signs appeared back in May when Mt. Gox moved all its $9.6 billion worth of Bitcoin to a new wallet, part of its plan to redistribute assets, according to its former CEO.
In September 2023, Mt. Gox’s trustee announced creditors would receive 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen ($510 million) by October 2024.
Some Japanese Yen was already repaid on April 23, and the next repayment will be in BTC and BCH. Mt. Gox sped up audits and transfers, so users may get their assets back by early July instead of October.
This news shook the market, causing a downturn this week. BTC is trading around $60,800, with charts suggesting it might drop to $50,000 soon.
