Creditors of Mt. Gox Finally Receive Payments for Bitcoin
Creditors of the defunct cryptocurrency exchange Mt. Gox have begun receiving payments for their locked-up Bitcoin. This comes almost ten years after the funds were initially blocked on the exchange in 2014.
Refunds Sent via PayPal
Users on the mtgoxinsolvency Reddit page have speculated that Mt. Gox is sending refunds in Japanese yen through PayPal. One user, Free-end254, shared a screenshot confirming receipt of payment from PayPal. Another user also confirmed receiving funds, initially mistaking the message for phishing.
Payments Continuing into 2024
In late November, Mt. Gox creditors received an email from the bankruptcy trustee announcing their intention to initiate payments. However, due to various processing times and payment types, the distribution of assets and payments will continue throughout 2024.
The court allowed Mt. Gox to extend the repayment deadline for hacking victims until October 31, 2024. Previously, it was expected that creditors’ losses would be reimbursed by the end of October. However, the trustee was unable to meet this deadline.
Impact on Bitcoin Price
Creditors have been waiting almost a decade for repayment, and as they begin to sell or exchange the received crypto assets, it may affect the price of Bitcoin in the future.
Hot Take: Mt. Gox Creditors Finally Receiving Payments for Bitcoin
Creditors of the long-failed cryptocurrency exchange Mt. Gox are finally starting to receive payments for their Bitcoin, which had been locked up on the exchange since 2014. After nearly a decade of waiting, these creditors can now access their funds through PayPal. The payments will continue into 2024, as the distribution of assets is ongoing. This development may have an impact on the price of Bitcoin, as creditors sell or exchange their received crypto assets. It is a significant milestone for the affected individuals who have patiently awaited repayment for years.
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