- Some Mt. Gox creditors have reportedly started receiving payments.
- Some creditors claimed they had not received their initial payment.
- The exchange filed for bankruptcy almost a decade ago.
Scandal-hit infamous Bitcoin exchange Mt. Gox has reportedly started repaying some of its creditors nearly a decade after the platform shut down its operations.
Launched in 2010, Mt. Gox was a once-dominant crypto exchange, servicing 70% of all Bitcoin trades worldwide in 2013. The company is rehabilitating after its 2014 collapse, which led to a loss of 800,000 Bitcoins and subsequent bankruptcy filing.
Mt. Gox Reportedly Starts Repaying Creditors
In a Reddit thread covering Mt. Gox’s insolvency, several creditors reported receiving their “initial payment” in Japanese Yen via PayPal.
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“I just got my initial payment via Paypal!! I was sure it was a phishing attempt on my email, but nope legit money in JPY,” one user wrote.
While some users stated that the amount they received didn’t tally with the allotment portion shown on Mt. Gox’s website, a majority of them were happy that the exchange’s trustee finally disabused the payments, especially after recently pushing the deadline for rehabilitation creditor repayments from Oct. 31, 2023, to Oct. 31, 2024.
“I am a X1… creditor with Early Lump and mix of crypto and cash. I received the cash amount in PayPal and directly in JPY (so I have to convert it to my currency now). It seems Mtgox is going to finally start making things happen… I wish you all gets yours very soon,” another user wrote.
But even as Mt. Gox creditor payments seem to have started flowing, some users received nothing, while others complained about “low numbers.”
Creditors Decry Low Numbers as Others Are Left Out
Most creditors who shared that they had received payments complained that the numbers were lower than they had on the Mt. Gox platform before the exchange filed for bankruptcy.
Specifically, one user claimed they were repaid 360,000 Yen compared to the about 900 USD Fiat and 3.01 BTC they had when bankruptcy hit.
“I elected to be repaid fiat only and I'm an X creditor. I was repaid ( one transaction ) 306k yen and just got a mail claiming repayment of base and also payment has been completed,” the user wrote.
In the meantime, creditors who chose bank transfers as their payment method stated they are yet to receive payments.
Read why some Mt. Gox creditors chose the early lump option:
Mt. Gox’s Top Creditors Pick Option to Avoid Bitcoin Selloff
Stay updated on the details of Mt. Gox creditor settlement plan:
Mt. Gox’s Bankruptcy Trustee Set For Creditor Repayment
