Photo credit: Bloomberg

Mt. Gox, a cryptocurrency exchange that collapsed in 2014, is set to distribute Bitcoin and Bitcoin Cash repayments starting in July, said rehabilitation trustee Nobuaki Kobayashi in a June 24 statement.

“The Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan,” Kobayashi said. “Now that these preparations are in place, the Rehabilitation Trustee will commence the repayments in Bitcoin and Bitcoin Cash in due course to the cryptocurrency exchanges with which the Rehabilitation Trustee has completed the exchange and confirmation of the required information for implementing the repayments.”

The trustee said it prioritized ensuring “a safe and reliable” repayment process to creditors, including implementation of technical safeguards and adhering to financial regulations in each relevant country. It’s also actively working with various exchanges to finalize the arrangements.

Creditors of the bankrupt crypto firm will see their repayments begin once the rehabilitation trustee completes the necessary information exchange and confirmation process with each exchange. The order of repayments will be determined by which exchange completes this process first.

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Mt. Gox transfers $9.6B in Bitcoin in May

In May, industry watchers identified significant activities involving Mt. Gox’s wallets, as the exchange transferred 141,658 BTC worth about $9.65 billion. The transfer marked the first time any movement of assets was seen on addresses related to the collapsed exchange in about five years.

Kobayashi, on the same day, confirmed that the BTC transfers were part of the trustee’s rehabilitation and repayment plan.

For years, the defunct platform has continually moved deadlines for the repayment to victims of the 2014 attack, which resulted in a loss of over 850,000 BTC in customer funds. Before its collapse, Mt. Gox was one of the largest crypto exchanges, reportedly handling 70% of Bitcoin’s global transactions.

The price of Bitcoin tanked to under $500 when the exchange went offline following the hack.

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