Mt. Gox Begins Repaying Creditors Nearly a Decade After Bitcoin Exchange Shutdown
Summary:
Former clients of the defunct Bitcoin exchange Mt. Gox are reportedly beginning to receive cash settlements for their trapped Bitcoin, nearly a decade after the assets got barred on the exchange. The repayments, noted on the subreddit r/mtgoxinsolvency, are being sent in Japanese Yen through PayPal, with more information about the repayments to arrive as the situation develops.
Reports are surfacing on social media suggesting that former clients of the shuttered Bitcoin platform Mt. Gox have begun to receive cash settlements for their Bitcoin, which was marooned on the exchange as of February 2014. Several updates on the subreddit r/mtgoxinsolvency hint at the disbursal of refunds, dominated in Japanese Yen, to users via PayPal, almost a decade after the barring of the assets on the exchange on Feb. 24, 2014. However, these reports remain unverified. "I've just received a payment," stated Reddit user Free-end254, sharing a picture of the email comprising the PayPal payment receipt. Other Reddit users joined the conversation about receipt of repayments from Mt. Gox from Dec. 26 onwards.
"I've just received cash!" another Reddit user noted, initially mistaking the email for a spam attempt, only to report that a genuine payment had been credited to their PayPal account. One of the earliest suggestions of this latest round of Mt. Gox repayments emerged on Dec. 21, when a Japanese X user (formerly on Twitter) stated they had obtained their Mt. Gox claims through a bank transfer, registered in their account as Japanese Yen.
This closely follows an update from a month ago when Nobuaki Kobayashi, the trustee in charge of the Mt. Gox Bitcoin exchange's assets, began issuing emails to rehabilitation creditors about the beginning of repayment procedures on Nov. 21. In his email, Kobayashi mentioned planning to initiate the first cash repayments to creditors in 2023, with anticipated continuation of repayments in 2024. However, he did not shed light on the specific timeline for repayments to individual rehabilitation creditors. More information is expected to be available as the story develops.
Published At
12/26/2023 8:06:15 AM
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