Bitstamp alerts Canadian users about Mt. Gox repayments

abdelaziz Fathi

The trustee overseeing the liquidation of the infamous Mt. Gox cryptocurrency exchange has reportedly contacted creditors to verify their identities and account details, signaling a move closer to Bitcoin repayments.

Bitstamp

This progress was brought to light as numerous creditors of Mt. Gox reported receiving emails about the completion of identity verification for their crypto exchange accounts. These accounts are qualified for repayment in Bitcoin (BTC) and Bitcoin Cash (BCH).

An email, shared on the Mt. Gox insolvency hub on Reddit, indicated that the crypto exchange noted in the user’s rehabilitation claim has confirmed the account ownership with the trustee. It further stated that the exchange is set to accept the user’s subscription for receiving repayment in BTC/BCH.

However, the email also carried a cautionary note, stating, “Please note that you may not be able to receive repayment in BTC/BCH if your account is disabled or frozen in the future,” according to a rough translation.

Several Reddit users confirmed receiving such emails from Bitstamp. A smaller number of Kraken users also received these confirmations, while a majority of Kraken clientele are yet to receive such communication.

Some exchanges involved in giving back the money have told their users they will continue to help them in certain countries even after leaving those places. For instance, Bitstamp, which ceased its operations in Canada this month, said it will continue to serve local accounts tied to the Mt. Gox settlement. An email seen by Cointelegraph stated, “We’ve decided to keep these specific accounts open until all due funds from Mt. Gox are completely refunded to you.”

The recent flurry of emails coincides with the trustee’s move to initiate bank account repayments. The first reports of Mt. Gox repayments emerged in late December 2023, with some creditors receiving double the expected amounts.

Some creditors of the defunct exchange reportedly received double payments. While some users have already sent the extra money back, others are hesitant or making conditions for returning it.

Repayments to creditors are being carried out in various tranches, including the base repayment, the early lump-sum repayment, and the intermediate repayment. However, Nobuaki Kobayashi, the trustee responsible for managing Mt. Gox assets, cautioned that the repayment schedule is still subject to changes depending on the prevailing circumstances, and the exact timing of repayments to individual rehabilitation creditors has not been finalized.

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