The rehabilitation trustee for crypto exchange Mt.Gox has sent out emails announcing the commencement of payments to creditors of the now-defunct platform.

According to the email shared on social media, Nobuaki Kobayashi plans to start distributing payouts before the end of the year.

“The Rehabilitation Trustee plans to commence repayment to creditors shortly. The Rehabilitation Trustee is making efforts to commence repayments in cash within the 2023 calendar year.”

The trustee says some creditors may have to wait until next year to receive their payments, though.

“Due to the large number of rehabilitation creditors who will receive repayment, the varying types of repayments, the different preparation and processing times required to make the repayment, repayments will continue into 2024.”

Individual creditors will not receive advance notice regarding the exact schedule of their payments, but the trustee says claimants can confirm their repayment status, planned remittance amounts and completed remittance amounts on the MTGOX online rehabilitation claim filing system.

“The specific timing of repayment to individual rehabilitation creditors is undetermined, and therefore, it will not be possible to provide advance notice to each rehabilitation creditor regarding the specific timing of their repayment. Currently, you/your company are/is not required to take any action in relation to the receipt of repayment.”

Mt. Gox was infamously hacked in 2011 when bad actors gained access to wallets containing BTC and stole 850,000 of the top crypto asset by market cap, worth about $500 million at the time.

Generated Image: Midjourney

The post Mt. Gox Trustee Says Processing of Payments To Start Before the End of This Year, To Continue in 2024 appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ November 24, 2023 6:21 pm