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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 could be arriving soon.
Notable Developments on the Mt. Gox Front
Some of the first reports of this type emerged in mid-April in the bankruptcy subseries of Mt. Gox, where users reported that the repayment data tables in their accounts were updated with the amounts to be paid. According to a screenshot shared by a creditor, Mt. Gox claim accounts now display a table showing the repayment status, completed repayment amount, and missing repayment amount among other entries.
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 a significant 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 accounts in the Mt. Gox rehabilitation claim system was a significant move signaling that a crypto or fiat payment might happen for the creditors:
“Compared to last December, the 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 basis.”
What’s Happening at Mt. Gox?
Founded in 2010 and now defunct, Mt. Gox was once the world’s largest Bitcoin exchange, handling an estimated 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 and their cryptocurrency exchange accounts to be used for repaying Bitcoin and Bitcoin Cash in January 2024. Current platforms include Bitstamp, Kraken, Bitbank, BitGo, and SBI VC Trade.
