BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Everything You Need to Know About the MT Gox Bitcoin Repayments

by Sham
June 24, 2024
in CRYPTO
Reading Time: 3 mins read
A A
3
SHARES
49
VIEWS
Share on XShare in TelegramShare on Reddit
  • Mt. Gox trustee to start Bitcoin and Bitcoin Cash repayments in July 2024 to creditors who have been waiting for over 10 years
  • Mt. Gox transferred 141,686 BTC worth $9.62 billion into a new wallet in May 2023, part of the repayment process
  • Mt. Gox collapsed in 2014 after losing 850,000 BTC worth over $519 billion at the time, causing Bitcoin’s price to crash below $500

Mt. Gox, the now-defunct cryptocurrency exchange that lost 850,000 Bitcoin in investor funds in 2014, will finally start repaying its users in July 2024 after over 10 years of waiting. The rehabilitation trustee will begin processing repayments in Bitcoin (BTC) and Bitcoin Cash (BCH) to creditors who lost their funds when Mt. Gox collapsed.

ICYMI: MT. Gox #Bitcoin and Bitcoin cash repayments will begin next month

— BlockNews.com (@blocknewsdotcom) June 24, 2024

Mt. Gox’s Collapse in 2014

Mt. Gox was one of the earliest and largest cryptocurrency exchanges, once facilitating more than 70% of all crypto trades. In 2014, Mt. Gox went offline after a security breach resulted in the loss of over 850,000 BTC worth over $519 billion at today’s prices. This led to Bitcoin’s price falling to a local low of $420 shortly after. Mt. Gox was reportedly hacked multiple times between 2011 and 2014 before its collapse.

The Repayment Plan

Mt. Gox’s rehabilitation trustee, Nobuaki Kobayashi, has been preparing to repay the exchange’s creditors, who are owed over $94 billion worth of Bitcoin. On May 28, 2022, Mt. Gox transferred 141,686 BTC worth $9.62 billion to a new wallet, consolidating funds in preparation for repayments. The current deadline for repayments is July 2024, after previous delays pushed back the initial October 2023 target.

Creditors’ Long Wait

Over 127,000 Mt. Gox creditors have been waiting for over 10 years to recover their lost funds. The exchange’s users have followed repayment plans closely, anticipating finally being reimbursed for their missing BTC. However, the trustee has asked for continued patience, saying the order of repayments will depend on the respective exchanges and information processing.

Conclusion

After a decade of waiting, July 2024 may finally bring some closure for Mt. Gox creditors. However, the repayment process may still face further delays. Mt. Gox users will have to wait a little longer to see how the exchange’s saga comes to an end.

Tags: BitcoinBitcoin CashCryptocurrency exchangeMt. GoxNobuaki Kobayashi
Tweet1ShareShare
Previous Post

Arthur Hayes Predicts Japanese Bank Crisis Will Boost Bitcoin

Next Post

Bitcoin Dumped Below $61,000 and Here is Why

DON'T MISS THESE! HOT OFF THE PRESS

Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules
CRYPTO

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Connecticut Bans Bitcoin and Crypto for Government Funds
BITCOIN

Connecticut Bans Bitcoin and Crypto for Government Funds

July 1, 2025
Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme
CRYPTO

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

July 1, 2025
FARTCOIN Surges 148%—Is the Meme Just the Beginning?
CRYPTO

FARTCOIN Surges 148%—Is the Meme Just the Beginning?

July 1, 2025
Load More

Related News

Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.