Mt. Gox Creditors Have Started Receiving Repayments After 10 Years

As per the latest news on social media, creditors of the defunct crypto exchange Mt. Gox have started receiving repayments after 10 long years of shutdown.

Mt. Gox Creditors Get Refund in Fiat or Bitcoins

Creditors of the now-defunct Bitcoin exchange Mt. Gox have reportedly initiated the receipt of fiat repayments for their Bitcoin. These creditors have their funds stranded on the exchange since February 2014.

Reports emerging on social media, particularly from posts on the Reddit page r/mtgoxinsolvency, indicate that Mt. Gox is sending refunds denominated in Japanese Yen to users through PayPal.

“I’ve received my payment,” asserted Reddit user Free-end254, providing a screenshot of the email containing the PayPal receipt as evidence.

“I just got money!” stated another Reddit user, expressing initial skepticism about the email, thinking it might be a phishing scam. However, they confirmed the legitimacy of the payment when it appeared in their PayPal account.

The initial report of the renewed Mt. Gox repayments emerged on December 21, as a pseudonymous Japanese X (formerly Twitter) user disclosed receiving their Mt. Gox claims via a bank transfer, credited in Japanese Yen.

Mt.Goxから弁済されてました！
最終弁済を選択したので、中間弁済だと思われます。
ちょうど10年かかりましたね。 pic.twitter.com/qDntG5Wssg

— びりある#全財産DeFi@𝐜𝐫𝐲𝐩𝐭𝐨𝐠𝐫𝐚𝐩𝐡𝐞𝐫 (@visvirial) December 21, 2023

Repayment to Creditors

The defunct crypto exchange Mt. Gox has been working to refund all the creditors whose funds got stuck after the exchange’s shutdown in 2014.

Just one month after Nobuaki Kobayashi, the trustee responsible for the Mt. Gox Bitcoin exchange’s estate, initiated communication via emails to rehabilitation creditors about the initiation of repayments on November 21.

In the email, Kobayashi outlined the plan to commence the initial repayments to creditors in cash in 2023, with expectations for ongoing repayments throughout 2024. However, Kobayashi didn’t disclose specific details regarding the timing of repayments to individual rehabilitation creditors.

We have yet to hear any official statement from Mt. Gox regarding the refunds. However, it seems that this shall happen sooner than later. Another crypto exchange FTX is also working to refund the creditors after its bankruptcy last year.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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