March 27, 2024
Mt. Gox Creditors Reportedly Receive Repayments
Bitcoin News

Mt. Gox Creditors Reportedly Receive Repayments

Creditors of the defunct Bitcoin exchange Mt. Gox are reportedly starting to receive fiat repayments for their Bitcoin holdings, almost a decade after the platform’s initial shutdown in February 2014. Users on the Reddit page r/mtgoxinsolvency have shared posts suggesting that Mt. Gox is initiating Japanese Yen-denominated repayments via PayPal.

While unconfirmed, Reddit user Free-end254 claimed, “I just got paid,” attaching a screenshot of the PayPal receipt. Another user expressed initial skepticism, considering it a phishing scam, but later confirmed the receipt of actual payment in their PayPal account.

Some users reported partial repayments, such as one who received 30,283 yen (approximately $200) for their 0.125 Bitcoin claim, still awaiting an outstanding payment of approximately $748.

Repayments to Mt. Gox creditors are expected to occur in multiple phases, including base repayment, early lump-sum repayment, and intermediate repayment. The process began on December 21, with a pseudonymous Japanese X user claiming receipt of Mt. Gox claims via bank transfer in Japanese Yen.

This development follows trustee Nobuaki Kobayashi’s email on November 21, informing rehabilitation creditors about the commencement of repayments in 2023. Kobayashi anticipates continuing repayments into 2024 without specifying the timing for individual creditors. The repayment deadline was initially extended from October 31, 2023, to the same date in 2024, with potential early repayments for creditors who provided necessary information by the end of the current year.

The revelation marks a significant milestone for Mt. Gox creditors who had funds trapped on the platform for nearly a decade. The exchange’s closure in 2014 resulted in one of the most substantial losses in the history of cryptocurrency, affecting thousands of users. As repayments begin, the long-standing saga of Mt. Gox takes a step toward resolution, offering restitution to affected creditors.

Image By vecstock

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