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In a significant development for creditors of the defunct Mt. Gox exchange, an update from the bankruptcy trustee, Nobuaki Kobayashi, indicates that repayments are on the horizon.

After years of legal battles, creditors are poised to receive their dues, with plans to initiate repayments in the year 2023. This comes after the repayment that was scheduled to start in March failed to kick off after a court allowed the deadline to be pushed.

The long-awaited reimbursements for Mt. Gox creditors are slated to come from the sale of the exchange’s remaining assets. Among these assets are 142,000 BTC, 143,000 BCH, and a substantial 69 billion yen (approximately $625 million).

The sale of Mt. Gox’s remaining assets, particularly the substantial amount of bitcoin and bitcoin cash, is anticipated to have implications for the broader cryptocurrency market. Kobayashi is taking a cautious approach, opting to sell off the assets gradually to avoid significant price swings in the market.

According to a tweet by Wu Blockchain, some Mt. Gox creditors received an email from the bankruptcy exchange’s trustee stating that the trustee plans to start repaying creditors soon and is working to start repaying them in cash in 2023 and will continue into 2024.

Some MtGox creditors received email from the bankruptcy trustee stating that the trustee plans to start repaying creditors soon and is working to start repaying them in cash in 2023 and will continue into 2024. Mt Gox will distribute 142,000 BTC, 143,000 BCH, and 69 billion yen,… pic.twitter.com/gWW29Zycl1

While a considerable portion of these assets has already been liquidated, some are being held back to ensure an equitable distribution of funds among the creditors.

Creditors are urged not to take immediate action, but to patiently await the commencement of repayments. Kobayashi, committed to transparent communication, aims to keep creditors informed throughout the process.

Despite the positive news, the exact timeline for individual repayments remains uncertain due to the complex task of managing many creditors and diverse types of repayments.

The rehabilitation trustee faces the challenge of navigating through these intricacies, and as a result, repayments are expected to extend into the year 2024.

Mt. Gox, once the largest bitcoin exchange globally, faced a collapse in 2014, filing for bankruptcy protection after the loss of over 800,000 bitcoins.

The subsequent rehabilitation process has been marked by legal complexities and delayed deadlines, contributing to the extended period of uncertainty for creditors.

As the story of Mt. Gox continues to unfold, creditors and the wider crypto community are keenly watching for a resolution to the prolonged financial challenges stemming from the exchange’s collapse in 2014.

This update brings a glimmer of hope for Mt. Gox creditors, signalling progress in the form of imminent repayments, while the intricacies of the process and the potential market impacts are closely monitored.

The post Mt. Gox creditors anticipate repayments in 2023: trustee's update appeared first on Invezz

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