Users of the attacked cryptocurrency exchange Mt. Gox received another optimistic signal regarding compensation for seized funds as the Mt. Gox trustee board updated some key repayment data. Numerous Mt. Gox creditors reported that their accounts were updated with information about Bitcoin, Bitcoin Cash, and fiat repayments, with many suggesting that cryptocurrency repayments might soon be forthcoming.
Notable Developments on the Mt. Gox Front
Some of the first reports of this type appeared in mid-April within the bankruptcy subseries of Mt. Gox, where users reported seeing amounts to be paid added to the repayment data tables in their accounts. According to a screenshot shared by a creditor, Mt. Gox claim accounts now display a table including entries for repayment status, completed repayment amount, and outstanding repayment amount.
According to many posts in the Mt. Gox bankruptcy center on Reddit, some creditors have already received fiat currency in their bank accounts. One Mt. Gox creditor shared an important post on April 22 about receiving money in USD in an HSBC foreign exchange account, adding that the payment came more than a month after the first table update appeared:
“The table was first updated on March 15, then on April 8, and then on April 18 when the Bitcoin data arrived.”
A Mt. Gox creditor commented on the matter, stating that the latest addition of Bitcoin to the Mt. Gox rehabilitation claim system accounts was a significant move signaling that crypto or fiat payments for Mt. Gox creditors might soon occur:
“Compared to last December, Japanese claimants received notes from their pages and saw fiat money in their accounts via PayPal and private banks within two weeks. Let’s hope the crypto transfer reflects in fiat currency soon.”
What’s Happening at Mt. Gox?
Founded in 2010 and now defunct, Mt. Gox was once the world’s largest Bitcoin exchange, accounting for 70% of all Bitcoin transactions before its bankruptcy. The platform lost 850,000 Bitcoins due to a security breach in 2014. Mt. Gox is expected to repay its creditors $510 million worth of 69 billion Japanese yen, along with 142,000 Bitcoins and 143,000 Bitcoin Cash by October 2024.
The latest table updates followed the completion of identity verification for Mt. Gox creditors’ crypto exchange accounts that will be used to repay Bitcoin and Bitcoin Cash in January 2024. Current platforms include Bitstamp, Kraken, Bitbank, BitGo, and SBI VC Trade.
