Mt. Gox, the infamous cryptocurrency exchange that collapsed in 2014, has reportedly started repaying its creditors in a major development. The news comes after years of legal battles and negotiations, marking a significant moment for the thousands of creditors who lost their funds when the exchange went bankrupt. The repayment process is part of the rehabilitation plan approved by the Tokyo District Court in October 2020, which is now being executed under the supervision of a trustee.
This repayment is the first round and represents a significant milestone in the long-drawn legal proceedings involving Mt. Gox. The exchange was once the world’s largest Bitcoin trading platform before it was hit by a massive hack, leading to the loss of 850,000 Bitcoins, a catastrophe that shook the global cryptocurrency market. The current repayment process demonstrates a positive move towards resolving this historic debacle, bringing relief to the affected creditors.
