Mt. Gox Makes Fourth Repayment in BTC and BCH

Bittime - Mt. Gox announced that it has resumed making payments in the form of Bitcoin (BTC) and Bitcoin Cash (BCH) to several creditors. This is the latest round of payments after previously being carried out on July 5, 16 and 24 2024.

Bankruptcy of Mt. Gox

Mt. Gox, one of the largest crypto exchanges in the world, went bankrupt in 2014 due to a massive cyber attack that resulted in the loss of around 850,000 BTC. 

After years of legal proceedings and restructuring, creditors finally got back some of their lost funds.

Payment Process to Mt. Gox Creditors

Compensation payments to creditors of Mt. Gox is carried out through designated crypto exchanges as well as through other channels in accordance with the provisions of the restructuring plan. 

Until now, Mt. Gox has completed payments in Bitcoin and Bitcoin Cash to more than 17,000 creditors involved in the restructuring process.

Payment Terms and Conditions 

For other creditors who have not received compensation, Mt. Gox states that payments will be made as quickly as possible after the following conditions are met.

1. Registered Account Validation: Mt. Gox needs to ensure the validity of registered accounts to prevent fraud or errors in the payment process.
2. Accommodation Agent Acceptance: Creditors must accept the appointment of a receiving agent such as a designated crypto exchange to receive payment.
3. Discussion with Designated Exchange: The restructuring trustee must complete discussions with crypto exchanges and other relevant parties regarding payment details.
4. Payment Security: Mt. Gox must ensure that payments can be made safely and are protected from technical and other security risks.

Long and Complicated Process

The restructuring process of Mt. Gox is quite long and complicated. After the massive bankruptcy in 2014, many creditors hoped to recover some of their funds. 

However, due to the complexity of the case and the amount of funds lost, the compensation process is very complicated and takes years. Mt. Gox also asks creditors who meet the requirements to be patient during this process. 

Mt. Gox emphasizes the importance of ensuring that all steps taken in the payment process are carried out carefully so that errors do not occur that could harm the parties involved.

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.