Mt. Gox trustee assures creditors that repayments will begin by year-end

Creditors of the bankrupt bitcoin exchange Mt. Gox will begin receiving payments by the end of the year, according to letters from the liquidator. The Block reports this.

The message says that the trustee is making efforts to launch the process in the 2023 calendar year and to continue it in the following year.

“Specific timelines are not defined […]. It is impossible to notify everyone in advance about exact dates,” — the document states.

Creditors can check the status of repayments in the claims filing system.

In a separate message, the trustee said that on 17 November the administrator received 7 billion yen ($46.9 million) to fund the payments. According to the notice, he had at his disposal 8.8 billion yen ($58.96 million).

The trustee presented the restitution proposal in December 2020. In January 2021 details of the plan became known, and in February the court approved it for subsequent voting.

It started on May 31 and ended on October 20. The initiative was supported by about 83% of the exchange’s users.

Earlier, Fortress Investment Group proposed to Mt. Gox creditors to buy out their claims for 80% of the value.

As noted, Mt. Gox’s management delayed the deadline for compensation payments from 31 October 2023 to 31 October 2024.