After a decade, Mt. Gox creditors will finally receive their long-awaited payments.
Creditors of the long-struggling cryptocurrency exchange Mt. Gox have finally begun receiving their long-awaited Bitcoin (BTC) payments, which have been locked up on the exchange since February 2014.
Speculation arose on the mtgoxinsolvency Reddit page on December 25th, with users suggesting that Mt. Gox was issuing refunds in Japanese yen through PayPal, almost a decade after the funds were frozen on the exchange on February 24th, 2014. One Reddit user, Free-end254, claimed to have received a payment and even attached a screenshot showing confirmation from PayPal. Another user also confirmed receiving funds, admitting that they initially mistook the message for a phishing attempt.
The news comes after Mt. Gox creditors received an email from the bankruptcy trustee in late November, announcing their intention to commence payments. However, due to various payment types and processing times, the distribution of payments will continue throughout 2024. As part of this process, Mt. Gox will allocate different assets among the creditors.
In September, the court granted Mt. Gox an extension to the repayment deadline for hacking victims until October 31st, 2024. It was previously announced that creditors’ losses would be reimbursed by the end of October, but Trustee Kobayashi stated that the payments could not be completed by the agreed-upon date.
Creditors of Mt. Gox have been patiently waiting for repayment for nearly a decade, with the payment deadline being postponed multiple times. The future repayment of debts could potentially impact the price of Bitcoin, as creditors may choose to sell or exchange the crypto assets they receive.
