Over a decade after Mt Goxs collapse users verify receiving reimbursements
The once-prominent cryptocurrency platform Mt. Gox has initiated the disbursement of funds to its rehabilitation creditors, in line with its recovery strategy. Over a decade since its downfall, the long-awaited compensation for Mt Gox’s creditors is materializing.
An announcement made on **July 5** revealed that reimbursements are being processed in **Bitcoin** and **Bitcoin Cash** through specific centralized cryptocurrency exchanges appointed to manage these transactions.
Before the creditors can receive their dues, they must fulfill certain conditions. These include verifying their account authenticity and consenting to the terms set by the intermediary agencies responsible for distributing the funds.
Moreover, the Rehabilitation Trustee and the appointed cryptocurrency exchanges are concluding their negotiations on the repayment procedures to ensure a unified approach to the process.
Multiple beneficiaries have verified this update on Reddit. A user attested to receiving the anticipated amount on the cryptocurrency exchange **Bitbank**, stating, “The BTC/BCC coins are now within my possession.”
Another individual disclosed an email from Mt. Gox, which indicated that their account had been credited through a creditor based in Japan. The email identified Mt. Gox Co., Ltd. as the Rehabilitation Debtor and Nobuaki Kobayashi, an attorney, as the Rehabilitation Trustee. The email clarified, “This transaction was executed to [your exchange], as per your designation in the MTGOX Online Rehabilitation Claim Filing System. The repayment became effective once the transaction was logged on the blockchain.”
In related news, Bitcoin’s value has tumbled below $55,000, coinciding with Mt. Gox’s announcement of repayments. Feedback from users indicates that only those who opted for cryptocurrency repayment when submitting their claims are currently receiving these funds.
As of this writing, confirmations have come from users of **BitBank** and **SBI**, both Japanese cryptocurrency exchanges, acknowledging the receipt of the repayments.
Mt. Gox, previously a leading cryptocurrency exchange, succumbed to bankruptcy in 2014 following a devastating security breach that resulted in the loss of approximately 650,000 BTC owned by customers and an additional 100,000 belonging to the exchange.
A court-endorsed compensation scheme was established in 2021, receiving backing from the majority of the impacted parties. This marked the beginning of an extended period of anticipation, culminating in the commencement of customer payouts in December 2023.
The recent disbursement of cryptocurrency comes as Bitcoin’s price has seen a significant drop, falling below the $55,000 threshold for the first time since February. The movement of over 47,000 Bitcoin by Mt. Gox has been highlighted as a primary factor contributing to the downward pressure on Bitcoin’s value.
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