Mt. Gox sends yen, bitcoin, and bitcoin cash to creditors
Creditors of the defunct bitcoin exchange Mt. Gox have reported updates to their claim accounts, indicating specific amounts and dates for bitcoin and fiat currency repayments. According to posts on the Mt. Gox insolvency subreddit, the updates include completed status for fiat currency repayments.
One creditor shared on Reddit that they logged into their claim account and saw the repayment table now includes amounts in Japanese yen, bitcoin, and bitcoin cash. “I just logged in and it finally populated the repayment table with JPY, BTC, and BCH claims. Nothing received yet though,” the user noted.
Another creditor reported receiving fiat currency into an HSBC account with no transaction fees. “Money received as USD into an HSBC currency account and looks like zero fees,” wrote the creditor.
The updated table, which was first modified on March 15, then on April 8, and most recently on April 18, reflects when the bitcoin and bitcoin cash claims were added. Some users stated that the fiat repayments appeared in their bank accounts more than a month after the initial update.
Mt. Gox, once the world’s largest bitcoin exchange, collapsed in 2014 after a major security breach led to the loss of 850,000 bitcoins. In September 2023, the trustee announced a new reimbursement plan for creditors, which includes 142,000 bitcoins, 143,000 bitcoin cash, and 69 billion Japanese yen (roughly $510 million). The deadline for completing these repayments is set for October 2024.
Earlier in January, the trustee overseeing the liquidation of the infamous exchange contacted creditors to verify their identities and account details, signaling a move closer to Bitcoin repayments.
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).
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.
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. While some users sent the extra money back, others were 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.
