News Report:
The trustee of the now-defunct cryptocurrency exchange Mt.Gox has confirmed today (Friday) that it has started repaying bitcoins and bitcoin cash to some creditors. This is part of the rehabilitation plan after the exchange’s closure in 2014.
The notification from the rehabilitation trustee, Nobuaki Kobayashi, further elaborated that repayment to other rehabilitation creditors would commence “immediately” upon meeting conditions such as account registration confirmation and other repayment agreements.
Rehabilitation after a decade
During its heyday, Mt.Gox was the largest bitcoin exchange, handling 70% of global bitcoin transactions. However, due to the inability to recover from the impact of a hacking attack, the company shut down its services. The former CEO of the exchange was also convicted in a Japanese court for manipulating exchange records.
The exchange ceased operations in February 2014, but it took the trustee ten years to begin refunding the victims. Earlier, the trustee had repeatedly delayed the rehabilitation process.
The repayment procedure to creditors started last year as many creditors confirmed receiving payments through yen bank transfers. Interestingly, many individuals received duplicate payments, prompting the trustee to send emails requesting the return of the excess funds.
Bitcoin’s decline
Meanwhile, the legal value of bitcoin has experienced a significant decline in the past few days, with the current trading price below $55,000. It is worth noting that this cryptocurrency reached a peak value of approximately $74,000 earlier this year, indicating a decline of more than 25.6%.
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