The trustee overseeing the Mt. Gox bankruptcy, Nobuaki Kobayashi, has confirmed the redemption of trust assets worth approximately 7 billion JPY ($47 million), as part of ongoing efforts to compensate creditors of the defunct cryptocurrency exchange. Following the redemption, the estate's trust assets have grown to an estimated 8.8 billion JPY ($59 million).
This development comes after a series of communications initiated by Kobayashi earlier this week. On Monday, he sent emails to rehabilitation creditors regarding the commencement of repayment for the massive Bitcoin loss stemming from the 2014 hack. Reports surfaced on social media on Tuesday detailing Kobayashi's email, which described a plan for various types of repayments, beginning with cash distributions in the upcoming year and potentially extending into the following year. However, specific timelines for individual creditors were not provided.
The recent announcement also brings news of a revised deadline for these repayments. Initially expected by the end of October this year, the deadline has now been extended to a new date in October next year, giving more time for the complex process of creditor compensation.
The Mt. Gox saga has been ongoing since 2014 when the Tokyo-based exchange suffered a catastrophic hack leading to significant Bitcoin losses and subsequent bankruptcy proceedings. The latest steps by Trustee Kobayashi mark important progress in addressing creditor claims and providing restitution for one of the most infamous incidents in cryptocurrency history.
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