On April 15th, 2021, Mt. Gox, the now-defunct cryptocurrency exchange, announced that it will begin cash repayments to its creditors in 2023. This news comes as the exchange’s creditor litigation enters a new phase.

Mt. Gox was once the world’s largest bitcoin exchange, handling over 70% of all bitcoin transactions worldwide in 2013. However, in 2014, the exchange suddenly shut down after it was revealed that 850,000 bitcoins had been stolen from its users. This amounted to a loss of over $460 million at the time.

Since then, the exchange has been in a long and complicated legal battle with its creditors. In 2018, the Tokyo District Court approved a rehabilitation plan that would see creditors receive their funds back in cryptocurrency. However, the court also ruled that Mt. Gox would have to pay back its creditors in cash if the cryptocurrency market recovered.

Now, with the cryptocurrency market booming, Mt. Gox has announced that it will begin cash repayments in 2023. This news has been welcomed by many of the exchange’s creditors, who have been waiting for years to receive their funds back.

The announcement also marks a significant milestone in the ongoing legal battle between Mt. Gox and its creditors. The exchange is currently facing a number of lawsuits from its creditors, who are seeking further compensation for their losses. It is unclear how these lawsuits will be resolved, but the announcement of cash repayments is a positive step forward for the creditors.

Overall, Mt. Gox’s announcement of cash repayments is a significant development in its ongoing legal battle with its creditors. While there is still much uncertainty surrounding the exchange’s future, this news is a welcome sign for its creditors, who have been waiting for years to receive their funds back.