Mt. Gox has announced it will commence the distribution of assets stolen during a 2014 hack to its victims starting in July 2024, marking a significant step towards resolving one of the most infamous hacks in bitcoin's history.
Mt. Gox has announced it will commence the distribution of assets stolen during a 2014 hack to its victims starting in July 2024, reports Bitcoin Magazine. This move comes after a series of postponed deadlines, marking a significant step towards resolving one of the most infamous hacks in bitcoin's history.
According to a statement by Nobuaki Kobayashi, the Rehabilitation Trustee, which was published on the Mt. Gox website, preparations for the repayments in Bitcoin and Bitcoin Cash have been underway as part of the approved Rehabilitation Plan. Kobayashi emphasized that safety and due diligence measures are still ongoing to ensure the secure disbursement of funds.
At its height, Mt. Gox was responsible for handling over 70% of all bitcoin transactions globally. The hack resulted in the loss of approximately 740,000 bitcoin, which today is valued at around $15 billion. The exchange's collapse and subsequent declaration of bankruptcy in 2014 left numerous creditors at a loss, triggering a prolonged legal and administrative battle over asset recovery.
Last year, the Tokyo court established an October 2024 deadline for the exchange to carry out its civil rehabilitation plan. In May, Mt. Gox moved over 140,000 BTC, valued close to $9 billion, from cold wallets for the first time in five years, suggesting that the exchange was gearing up for the repayment process.
The repayment plan is set to distribute 142,000 bitcoin, 143,000 bitcoin cash, and 69 billion Japanese yen to approximately 127,000 creditors. Repayments will be made through partnered exchanges, with the exact timing dependent on the completion of due diligence for each platform.
