Creditors of Mt. Gox Allegedly Finally Receiving Repayments They’ve Been Waiting for After Almost Ten Years
Mt. Gox Creditors Begin to Receive Repayments
After nearly a decade since the closure of the Mt. Gox Bitcoin exchange, creditors are reportedly starting to receive repayments for their trapped Bitcoin. The news, shared by users on Reddit, marks a significant step forward in the ongoing case.
According to posts on the r/mtgoxinsolvency subreddit, Mt. Gox is sending Japanese Yen-denominated repayments to users via PayPal. One user even provided a screenshot of an email containing a PayPal receipt, expressing their excitement over finally getting paid. Initially, there were suspicions of a phishing scam, but these were dispelled as users confirmed the actual payment in their PayPal accounts.
However, some users noted that the repayments were partial, with one person receiving 30,283 yen (approximately $200) for a 0.125 Bitcoin claim, still missing a payment of around $748.
The repayment process for Mt. Gox creditors will occur in multiple tranches, including the base repayment, early lump-sum repayment, and intermediate repayment. It began in December when a Japanese user reported receiving Mt. Gox claims via a bank transfer in Japanese Yen.
Nobuaki Kobayashi, the trustee overseeing Mt. Gox’s estate, sent emails to rehabilitation creditors on November 21, informing them of the repayment commencement. Although the exact timing for individual creditors was not disclosed, Kobayashi expects the repayments to continue throughout 2024.
In September, the Mt. Gox Trustee extended the repayment deadline to October 31, 2024, but also hinted at potential early repayments by the end of the year for creditors who had provided the necessary information, as reported by Coinpedia News.
While an official statement from Mt. Gox is still pending, these recent developments provide hope that long-awaited refunds may finally become a reality. It is worth noting that other cryptocurrency exchanges, such as FTX, are also in the process of reimbursing creditors following their bankruptcy last year.