Mt. Gox will distribute $9 billion in Bitcoin; Payments in BTC and BCH will start in July

A recent statement reported that the extinct exchange Mt. Gox is expected to begin distributing Bitcoin (BTC) and Bitcoin cash (BCH) payments starting next month. On June 24, a notice sent by rehabilitation curator Nobuaki Kobayashi was released.

According to the notice, the rehabilitation administrator is currently in the preparation phase to make payments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan. Payments should begin at the beginning of July.

“The rehabilitation administrator is preparing to make payments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan. Now that these preparations are in place, the Rehabilitation Administrator will begin payments in Bitcoin and Bitcoin Cash… starting in early July 2024,” Kobayashi stated in the document.

The rehabilitation curator highlighted in the notice that there was a dedication on the part of the debtor aimed at ensuring safe, reliable and compatible repayment arrangements and, as a result, “it will initiate repayments in the order of cryptocurrency exchanges with which the Rehabilitation Administrator Rehabilitation will complete the exchange and confirmation of the necessary information.”

It is worth remembering that, last month, in a move that drew attention in the cryptocurrency market, after five years, the extinct Bitcoin exchange, Mt. Gox, allegedly transferred at least 42,830 Bitcoin from its cold wallets, according to data of the Arkham Intelligence platform. The amount is equivalent to a value of approximately US$2.9 billion.

The platform’s data revealed that Mt. Gox transferred assets in multiple transactions to an unknown address starting at 11am Hong Kong time on May 28. However, the bankrupt exchange would later carry out additional transactions, moving at least US$9.6 billion in Bitcoin tokens to an unknown address.

At the time of publication, the price of Bitcoin was quoted at US$61,407.48, up 4.4% in the last 24 hours.

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