Defunct Mt. Gox Creditors Report Receiving Repayments

• Since February 2014, these creditors’ funds have been stuck on the exchange.
• Repayments were scheduled for October 31, 2023, however they were extended.

Creditors of the now-defunct cryptocurrency exchange Mt. Gox have reportedly begun receiving reimbursements after the business’s 10-year closure. Since February 2014, these creditors’ monies have been stuck on the exchange.

There have been rumblings on social media, namely on the r/mtgoxinsolvency subreddit, that Mt. Gox is allegedly using PayPal to pay customers reimbursements. One Reddit member was first suspicious of the email, fearing it was a phishing attempt. But when the funds showed up in their PayPal account, they knew it was real.

On December 21, a user from Japan on Twitter revealed that they had received their Mt. Gox claims in Japanese Yen via bank transfer. This was the first mention of the repayments. Creditors whose funds were trapped after Mt. Gox’s 2014 closure has been the focus of efforts by the now-defunct cryptocurrency exchange.

Further Repayments Expected Until 2024

Repayments were started only one month after Nobuaki Kobayashi, the trustee of the Mt. Gox Bitcoin exchange’s estate began communicating with its creditors by email on November 21.

Kobayashi said in the email that the first cash repayments to creditors would begin in 2023, with further repayments expected until 2024. The exact dates of repayments to certain rehabilitation creditors were not disclosed by Kobayashi, however.

Repayments were originally scheduled for October 31, 2023, however the Mt. Gox Trustee extended the deadline to the same date in 2024. On the other hand, they did mention that rehabilitative creditors who had already submitted the required paperwork may get some of their money back as early as the year’s end.

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