Mt. Gox Creditors Finally Receive Payments
The long-awaited moment has arrived for the creditors of the now-defunct cryptocurrency exchange Mt. Gox. After ten years of waiting, they have started receiving payments for their claims. The platform collapsed due to insolvency, leaving many users empty-handed.
According to reports on Reddit, those creditors who chose PayPal as their preferred payment method are now getting their Bitcoin (BTC) and Bitcoin Cash (BCH) balances in Japanese Yen (JPY).
Creditors Share Their Experiences
One user named Mat Phillips shared his experience on the Mt. Gox insolvency subreddit. He received 30,283 JPY ($212) in his PayPal account for his claim of 0.125 BTC and BCH. However, he expected a total of 106,502 JPY ($747) and wondered if more payments would be made.
Other community members reassured Phillips and others inquiring about similar issues that more payments would indeed be made and that all claims would eventually be resolved.
Interestingly, some users reported receiving double payments and questioned whether the Mt. Gox rehabilitation trustee would address this issue.
“Um… I think I got paid twice? I received two transactions, each of which seems equal to the total of the BTC/BCH Non-allotment (JPY) amounts. So… Merry… Christmas…?” commented one creditor.
Payment Deadline Extended
The unexpected payments from Mt. Gox came as a Christmas surprise for the creditors who had lost hope over the years. The repayment deadline has been extended multiple times by the Mt. Gox trustee, with the latest date set for October 31, 2024. Community members speculated that those users who registered correctly and without errors would be paid by the end of 2023, but there were no guarantees.
Mt. Gox faced its first hack in 2011, losing 25,000 BTC. Then, in 2014, another hack resulted in the loss of an additional 750,000 BTC. These events led to the exchange’s collapse, affecting around 24,000 creditors. Four years later, civil rehabilitation proceedings began to compensate users for their losses.
Despite the hacks, Mt. Gox still holds significant assets, including 142,000 BTC, 143,000 BCH, and 69 billion JPY.
Hot Take: Mt. Gox Creditors Finally Get Paid
After a decade of waiting, creditors of the defunct cryptocurrency exchange Mt. Gox have finally started receiving payments for their claims. This development comes as a pleasant surprise to those who had lost hope of ever recovering their funds. The payments are being made to creditors who chose PayPal as their preferred payment method and are receiving their Bitcoin and Bitcoin Cash balances in Japanese Yen.
The process has not been without its hiccups though. Some users have reported receiving double payments and are unsure if this will be resolved by the trustee overseeing the rehabilitation of Mt. Gox.
While the payment deadline has been extended several times in the past, it is now set for October 2024. However, community members speculate that those who registered correctly and without errors may receive their payments sooner.
Overall, this development brings some closure to the long-standing issue surrounding Mt. Gox and offers a glimmer of hope to other victims of crypto-related incidents.
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