In a recent update, Nobuaki Kobayashi, the Mt. Gox Rehabilitation Trustee, has urged creditors to continue awaiting their repayments in Bitcoin and Bitcoin Cash. The notice, dated July 5, 2024, details the current status and terms of these repayments. On the same date, partial repayments were initiated by the Rehabilitation Trustee to certain creditors through selected cryptocurrency exchanges specified in the Rehabilitation Plan.
Repayments will be processed promptly once specific conditions are fulfilled for the remaining creditors. These conditions encompass the verification of registered account validity and related matters, the confirmation of intent to subscribe to the Agency Receipt Agreement by designated cryptocurrency exchanges, and the finalization of negotiations between the Rehabilitation Trustee and these exchanges regarding the repayments. Furthermore, it is essential to ensure that all repayments can be executed securely and reliably.
Ongoing Delays and Creditor Discontent
Despite these efforts, the Trustee’s repeated plea for creditors to “wait for a while” has provoked frustration within the creditor community. A tweet highlighting the prolonged delay questioned the indefinite nature of “a while,” emphasizing that it has already been a decade since the Mt. Gox collapse. The tweet stated:
“The Mt. Gox trustee keeps asking creditors to ‘wait for a while’. Sir, it has been ten years. What exactly is ‘a while’?”
Mt. Gox, once the world’s largest Bitcoin exchange, declared bankruptcy in 2014 following the loss of approximately 850,000 Bitcoins valued at around $450 million. The ongoing rehabilitation process has been plagued by setbacks and legal intricacies, leaving numerous creditors in a prolonged state of anticipation for resolution and repayment.
As the Mt. Gox rehabilitation process drags on, creditors remain uncertain about their future. The recent request for continued patience underscores the complexities involved in resolving one of the most infamous collapses in the history of cryptocurrency.
