MtGox Creditors Begin to See Payments as Promised!

Key Points:

• On August 21, 2024, MtGox creditors continued its repayment plan, compensating over 19,000 creditors via Bitcoin and BCH on designated exchanges.
• The trustee moved 12,000 BTC, raising speculation about more payouts and plans.
• Bitstamp, a key partner, received 1,264.7 BTC, continuing the repayment process after the July 2024 payouts.

MtGox creditors have taken one more step in its long-lasting repayment procedure.

MtGox Continues Large-Scale Creditor Repayments

According to an official announcement, some of MtGox creditors were remunerated on August 21, 2024, following the court-approved compensation plan. Of course, the repayments were made in Bitcoin and Bitcoin Cash through particular cryptocurrency exchanges. Over 19,000 creditors have so far been paid out in Bitcoin and BCH.

This marks the fourth round of repayments in July 2024 alone, and the exchange is eyeing finally closing its decade-long bankruptcy case. MtGox creditors went bankrupt after collapsing in 2014 due to one of the largest hacks ever, which saw it lose around 850,000 BTC. Subsequently, it entered rehabilitation procedures to repay its creditors in several instalments.

Read more: Mt. Gox Repayments Now Completed for Over 17,000 Creditors

Bitstamp Receives Significant Bitcoin for Distribution

MtGox moved 12,000 BTC to an unknown wallet, allowing more room for speculation regarding further repayments or related activities. Another 1,264.7 BTC was transferred to the Bitstamp exchange, one of the central partners in the repayment process.

This will be the most welcome news for many creditors, with this payout making significant headway toward the complete resolution of the largest collapses in cryptocurrency history. Nevertheless, many still anticipate total compensation as the entire repayment process is expected to drag further into the future.