Bitcoin News

Mt. Gox Bitcoin Repayments Begin After Nearly a Decade

Mt. Gox Bitcoin Repayments Begin After Nearly a Decade

The long-overdue repayments for Bitcoin trapped on the now-defunct Mt. Gox exchange seem to have commenced, as indicated by emerging reports on social media. 

According to posts on the Reddit page r/mtgoxinsolvency, users are claiming to have received Japanese Yen-denominated payments via PayPal. These repayments come nearly a decade after the funds were locked on the exchange on February 24, 2014. It’s important to note that these reports remain unconfirmed.

It seems more users on Reddit are reporting receiving unexpected funds, with one user expressing surprise, initially mistaking the email for a phishing attempt, before confirming the actual payment in their PayPal account.

Additionally, another user mentioned only receiving a partial payment for their 0.125 Bitcoin claim, getting 30,283 yen, equivalent to around $200, leaving them with an outstanding amount of approximately $748.

The repayments to creditors are anticipated to occur in several stages, encompassing the base repayment, early lump-sum repayment, and intermediate repayment.

The recent flurry of repayments to Mt. Gox creditors comes after Nobuaki Kobayashi, the trustee overseeing the estate, initiated communication via emails sent to rehabilitation creditors on November 21, stating the start of repayments.

Kobayashi’s email conveyed plans to initiate the initial cash repayments to creditors in 2023 and expressed an intention to continue these repayments into 2024. However, specifics regarding the timeline for individual rehabilitation creditors’ repayments were not provided.

Earlier, on September 21, the Mt. Gox Trustee extended the repayment deadline from October 31, 2023, to the same date in 2024. Nevertheless, it was highlighted that some rehabilitation creditors who had already furnished the necessary information could potentially receive repayments “as early as the end of this year.”



About Author