December 26, 2023

Mt. Gox Creditors Begin Receiving Payments After Years of Bitcoin Holding Limbo

Creditors of the now-defunct Mt. Gox exchange are reportedly receiving repayments in Japanese Yen for their bitcoin holdings that were inaccessible since February 2014.

Recent reports circulating on social media indicate that users who were creditors of the defunct bitcoin exchange, Mt. Gox, are finally receiving fiat repayments for their bitcoin holdings that had been trapped since February 2014.

Reddit posts on the r/mtgoxinsolvency page suggest that Mt. Gox is using PayPal to send repayments in Japanese Yen to users, marking a significant development nearly a decade after the funds became locked on the exchange on February 24, 2014.

It's important to note that these reports have not been officially confirmed.

Repayments to creditors are expected to occur in multiple installments, including the base repayment, early lump-sum repayment, and intermediate repayment.

The first instances of repayments becoming public occurred on December 21 when a pseudonymous Japanese user announced receiving Mt. Gox claims via a bank transfer, credited in Japanese Yen.

This development follows an email from Nobuaki Kobayashi, the trustee overseeing Mt. Gox’s estate, sent to rehabilitation creditors on November 21, notifying them of the commencement of repayments.

The email mentioned the trustee's intention to initiate cash repayments in 2023 and continue the process into 2024. However, no specific timeline for repayments to individual rehabilitation creditors was provided.

On September 21, the Mt. Gox Trustee extended the repayment deadline from October 31, 2023, to the same date in 2024. Nevertheless, the trustee indicated that some repayments could be made "as early as the end of this year" for rehabilitation creditors who had already provided the necessary information.

Despite reaching out to Mt. Gox for comment, major news agencies had not received an immediate response at the time of reporting. The unfolding situation is closely monitored by creditors who have eagerly awaited the return of their long-frozen assets for years.

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