News View Non-AMP

MtGox Prepares to Release 142,000 BTC and 143,000 BCH by October 31st

Published by
Nidhi Kolhapur

Rising anticipation surrounds the once-dominant Bitcoin exchange, MtGox, as recent updates on the Kraken BTC and BCH payment API interface point to major upcoming movements. Data on Reddit reveals that the interface now reads “payment in preparation” with a timestamp dated May 13. 

It signals that MtGox is getting ready to finally release its massive holdings, which include 142,000 bitcoins (BTC), 143,000 bitcoin cash (BCH), and 69 billion yen. This massive disbursement is expected to reach creditors no later than October 31st.

For a very long time, MtGox has been a mix of hope and despair for many investors. Founded in 2010, it quickly became the largest crypto exchange globally. It practically made history. 

However, its reign ended in 2014 after a devastating security breach that led to the loss of all its 850,000 bitcoins. This caused the platform to collapse and sent tremors across the cryptocurrency market, leaving all investors destitute.

Fast-forward to September 2023. The trustee managing the remnants of the exchange made an important announcement. Creditors, long waiting in the wings, were assured they would finally receive their due in cryptocurrency and fiat. 

Specifically, the payouts include the earlier mentioned Bitcoin and Bitcoin Cash and 69 billion Japanese yen, approximately valued at $500 million as of press time.

Repayment Process and Investor Reactions

Interestingly, getting to these repayments has not been straightforward. A quick look at multiple screenshots shared by users illustrates that the repayment status for fiat currency claims is already marked as complete. 

Investors are both relieved and surprised by the positive development. One particular Mt. Gox creditor noted, “Money received as USD into an HSBC currency account and looks like zero fees.” This person’s account, like many others, saw a real-time update in fiat transactions, confirming the efficient handling and transfer of funds.

Moreover, the user’s updates broke down the systematic approach taken towards these repayments. The update trail shows a sequence starting from March 15, followed by April 8, and a significant update on April 18, coinciding with when the BTC transactions were processed.

Also Check Out : Ripple vs SEC Lawsuit Update: Ripple Moves to Seal Key Documents in SEC Court Battle

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Recent Posts

Bitcoin Price Prediction 2025, 2026 – 2030: When Will BTC Hit $100k?

Story Highlights The Bitcoin price today is . The BTC price could hit a maximum…

April 22, 2025

Pol (MATIC) Price Prediction 2025 – 2030: Will MATIC Price Surge to $1?

Story Highlights The live price of the Polygon coin is . The MATIC price could…

April 22, 2025

Heads Up: This Week Is Packed With Economic News and Altcoin Catalysts – Here Are the Top 5 Coins to Track Hour by Hour

This week holds significant events that could shake up the cryptocurrency market. Major economic news…

April 22, 2025

Trump Media Teams Up with Crypto.com for ETF Push

Trump Media has joined forces with popular crypto exchange Crypto.com to launch new exchange-traded funds…

April 22, 2025

Cardano Price Prediction, News And Updates: 1000% Surge Soon?

Cardano has emerged as one of the best-performing cryptos this year, initially rallying above $1.…

April 22, 2025

Why SUI, Solana’s Biggest Rival, Could Skyrocket to $10 – Here’s Why!

SUI, a blockchain project that many now call Solana’s biggest rival, is suddenly back in…

April 22, 2025