Mt. Gox Bitcoin Payout: A Decade-Long Journey of Resilience
In 2014, the collapse of Mt. Gox, the largest Bitcoin exchange, resulted in the loss of 850,000 BTC, marking a major scandal in cryptocurrency history.
Fast-forward to 2024, over 200,000 BTC have been successfully distributed to creditors after extensive legal and recovery efforts.
Timeline of Events
2010 - 2013: Rise of Mt. Gox
July 2010: Launched by Jed McCaleb, later sold to Mark Karpelès in March 2011.
2011 - 2013: Grows to handle over 70% of Bitcoin transactions worldwide.
2014: Collapse and Bankruptcy
February 2014: Suspends trading & files for bankruptcy. 850,000 Bitcoins are missing and presumed stolen.
March 2014: Files for liquidation in Tokyo District Court.
2015 - 2018: Legal and Recovery Efforts
August 2015: Karpelès arrested for embezzlement and data manipulation.
April 2017: Trustee Nobuaki Kobayashi was appointed to manage recovery.
November 2017: The plan to repay creditors in Bitcoin was approved.
2018: Start of Rehabilitation Proceedings
June 2018: Court starts the rehabilitation process, allowing creditors to file claims.
August 2018: Deadline for creditors to file claims.
2019 - 2020: Progress in Rehabilitation
March 2019: 200,000 Bitcoins recovered.
October 2019: Deadline for claims extended.
December 2020: Draft plan for repayments submitted.
2021: Rehabilitation Plan Approval
February 2021: Draft plan approved by the court.
April 2021: Creditors review and vote on the plan.
2022: Distribution Preparations
January 2022: Final plan approved.
April 2022: Distribution preparations begin.
2023: Initial Distributions
January 2023: First repayments distributed.
May 2023: Further distributions made.
September 2023: Over 150,000 Bitcoins distributed.
2024: Continued Payouts and Resolution
January 2024: Update on the process; most claims settled.
April 2024: Final distribution phase begins.
July 2024: Over 200,000 Bitcoins distributed.
The Mt. Gox payout has been a complex process, highlighting the early risks of cryptocurrency trading.
Recovering a substantial portion of the lost Bitcoins and repaying creditors marks significant progress in digital finance.
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