In a potentially significant development for Mt. Gox creditors, the trustee overseeing the defunct Bitcoin exchange’s estate, Nobuaki Kobayashi, has announced the redemption of $47 million in trust assets. Social media reports have emerged, suggesting that repayments to creditors could commence in 2023.
On November 21, Kobayashi initiated the distribution of emails to rehabilitation creditors, hinting at the imminent start of repayments. Confirming the receipt of such an email, a Mt. Gox creditor noted its bilingual nature (Japanese and English).
The trustee’s email, shared on social media, outlines plans to initiate the first cash repayments to creditors in 2023, with the process extending into 2024 due to the complexity of factors such as the large number of rehabilitation creditors, diverse repayment types, and varying preparation and processing times.
Simultaneously, on November 22, the Mt. Gox trustee officially announced the redemption of trust assets, totaling 7 billion Japanese yen ($47 million), dedicated to funding the repayment of claims. After this redemption, the remaining trust assets amount to 8.8 billion yen or approximately $59 million.
The announcement specifies ongoing preparations for base repayment, early lump-sum repayment, and intermediate repayment. While some in the community cautiously welcome these developments as a positive sign, others express skepticism, citing the extended history of repayment delays.
Notably, the latest events reignited discussions within the Mt. Gox community about the form of repayment. The trustee’s email primarily mentions cash payments, raising questions among creditors who anticipate the return of large amounts of Bitcoin. The Mt. Gox trustee currently holds 135,890 BTC on known addresses, valued at nearly $5 billion, and an additional 3,795 BTC ($130 million) on unknown addresses.
Despite the excitement within the community, concerns persist, and some observers remain skeptical due to the protracted history of repayment delays. Initially expected by October 2023, the repayment deadline was officially moved to October 2024 in September 2023.
As the Mt. Gox saga unfolds, the community remains cautiously optimistic, awaiting further clarity on the long-awaited repayments.
