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- Mt.Gox creditors have reportedly started receiving repayment of their bitcoins that got stuck on the exchange.
- In 2014, more than 24,000 users’ Bitcoin holdings were trapped on Mt.Gox when the firm collapsed.
- Many creditors holding a PayPal (NASDAQ:PYPL) account have received Japanese-Yen-denominated repayments.
Creditors of the fallen Bitcoin exchange Mt.Gox claimed that the firm has started reimbursing their BTC, which got stuck on the exchange on February 24, 2014. According to the creditors’ statement on Reddit, Mt.Gox has initiated the repayment procedures via PayPal, sending Japanese yen to the creditors’ accounts.
Launched in 2010, Mt.Gox emerged as the world’s largest Bitcoin trading exchange. However, in 2014, the platform collapsed, causing more than 24K customers’ Bitcoin holdings to be trapped on the exchange.
In November 2023, some of the creditors received official mail from the Mt.Gox bankruptcy trustee confirming the commencement of the reimbursement procedures in 2023. The mail also hinted that the procedures would likely continue into the next year.
As similar notices of reimbursement have been received previously, not many customers were optimistic about the plan. Bloomberg analyst James Seyffart shared a sarcastic comment on X, stating that he has heard these claims before.
On Reddit, several creditors confirmed the successful repayment by Mt.Gox. Some wrote, “I just got paid,” and some reiterated, “I just got money.” Some of them were initially perplexed about the payment, thinking about the possibility of a phishing scam.
Another creditor who had both Bitcoin and Bitcoin Cash in his portfolio commented that he had a claim of 0.125 in each of Bitcoin and Bitcoin Cash. However, the creditor received 30,283 yen in his PayPal account and wondered if the rest of the amount would be credited at a later time.
The reports also elucidated that the repayments through bank accounts have not yet happened. Creditors who don’t own a PayPal account and have updated their bank account details with the bankruptcy trusty remain in a dilemma about their repayment.
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