Tuesday, 18 June 2024
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Mt. Gox Debtors Are Paid After A Long Wait

  • Mt. Gox has begun getting paid back for their imprisoned Bitcoin after almost ten years of waiting.
  • Due to the fund collapse, creditors have been waiting for years to get their money back.
  • The trustee has been working hard to give over cash to creditors.

Creditors of the now-defunct Bitcoin exchange Mt. Gox have begun getting paid back for their imprisoned Bitcoin after almost ten years of waiting. The information first surfaced on the social media platform Reddit, when several users reported receiving PayPal reimbursements denominated in Japanese Yen.
The payments were made less than a month after trustee Nobuaki Kobayashi declared that he intended to start paying creditors back in cash in 2023 and anticipate making additional payments in 2024.

Mt. Gox

A significant Bitcoin exchange, Mt. Gox, revealed in February 2014 that it had lost over 850,00 Bitcoins, or about $450 million, at the time. It was thought that inadequate security protocols and potential insider theft were to blame for the crime.

The creditors of Mt. Gox, who had placed their Bitcoins on the exchange with the hope of a simple withdrawal, were greatly impacted by the loss.

Due to the fund collapse, creditors have been waiting for years to get their money back. Lawsuits against Mt. Gox and its former CEO, Mark Karpeles, have also been brought by some individuals.

The announcement was made recently by Mt. Gox that repayments will start in 2023 and go through 2024. 69 billion yen, 142,000 BTC, and 143,000 BCH worth of assets have already been distributed, and the trustee has been working hard to give over cash to creditors.

Repayment of creditors who had been waiting a long period and those who had sustained large losses as a result of the bankruptcy will have precedence during the allocation procedure.

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