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Mt. Gox says it may start paying back creditors as soon as next year

Mt. Gox says it may start paying back creditors as soon as next year


A civil rehabilitation process is starting

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The defunct bitcoin exchange Mt. Gox says it will start paying back the people it owes money perhaps by next year, according to an announcement today from the exchange’s trustee, Nobuaki Kobayashi. The exchange grew quickly between 2010 and 2014, until an attacker slowly drained the exchange of bitcoins, forcing it to file for bankruptcy.

Now, Mt. Gox’s bankruptcy proceedings have been paused so that the exchange can pay off its debts. Creditors seeking to be paid back in bitcoin will receive bitcoin back, which could now be worth more than it was when Mt. Gox declared bankruptcy. At the time the bankruptcy proceedings started, bitcoin was worth $440 per token. Bitcoin is worth more than $6,100 per token at the time of writing.

Kobayashi says in the announcement that he’ll update creditors on the state of Mt. Gox’s assets during a September 26th meeting in Tokyo. Those who claim Mt. Gox owes them money will have between then and October 22nd to file their requests and provide evidence to back up their claims. There are 24,750 approved claims, mostly from former Mt. Gox customers, for a total of $409 million owed. Kobayashi writes that “at this moment, we plan not to accept specific filing of cryptocurrencies other than Bitcoins.” Those who say Mt. Gox stole other cryptocurrencies from them will have to request the value back in bitcoin.