- The exchange has started sending payments in Japanese yen to users via PayPal
- Former customers of the exchange are receiving repayments in several tranches
Creditors of Mt. Gox have started getting their Bitcoin back in fiat. The crypto has been stuck on the exchange for almost a decade, Cointelegraph wrote, citing Reddit posts.
Mt. Gox was a Japan-based Bitcoin exchange that filed for bankruptcy in 2014. The exchange claimed that it had lost 850,000 bitcoins, worth hundreds of millions of dollars at the time, due to a combination of hacking and technical issues.
Surely not another scam?
Numerous posts from the Reddit page mtgoxinsolvency indicate that the exchange has started sending payments in Japanese yen to users via PayPal, but the reports are unconfirmed. Reddit users are posting that they got paid and uploading screenshots of emails with receipt of payment to PayPal. One user wrote his first instinct had been that the whole thing was yet another scam, but that was before he saw the money in his PayPal account.
Repayments in several tranches
Former customers of the exchange are receiving repayments in several tranches, including early lump-sum repayment, the base repayment, and the interim repayment.
One of the first repayments was made on Dec. 21. On that date, a pseudonymous user posted on X that he had received his money from Mt. Gox via bank transfer in yen. On Nov. 21, Mt. Gox estate trustee Nobuaki Kobayashi started sending out emails to creditors to inform them that repayments would commence.
They will continue throughout 2024
According to the emails, the trustee planned to start making repayments in cash in 2023 and to continue throughout 2024. No specific schedule for repayments to individual rehabilitation creditors is known.
On Sept. 21, the trustee postponed the repayment deadline by a year - from Oct. 31, 2023 to the same date in 2024. He pointed out that some repayments could be sent "as early as the end of this year" for recipients who had made the necessary data available.
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