Defunct cryptocurrency exchange Mt. Gox has confirmed the Bitcoin addresses for creditor repayments, marking a pivotal step in the long-standing restitution process for those affected by the exchange’s collapse in 2014.
The Tokyo-based exchange was once the largest in the world before it abruptly ceased operations and filed for bankruptcy following a massive hack that resulted in the loss of 850,000 Bitcoins.
The confirmation of Bitcoin addresses by Mt. Gox indicates that the exchange is preparing to distribute assets to its creditors. This process is part of the civil rehabilitation plan that was approved by the Tokyo District Court in 2018.
The Mt. Gox debacle has been one of the most infamous events in the cryptocurrency industry, shaking investor confidence and prompting calls for better security measures. The repayment plan involves the distribution of the remaining 150,000 Bitcoins (approximately US$585) to creditors.
The Mt. Gox case will likely serve as a precedent for how the cryptocurrency industry handles such crises in the future.
Bitcoin price fell below US$40,000 today for the first time since early December.
