Mt. Gox Creditors Celebrate as Settlement Payouts Begin

Creditors of Mt. Gox are celebrating as news spreads regarding the reception of fiat settlement payouts for Bitcoin assets that were long held captive. The exciting updates are pouring in on the Reddit page r/mtgoxinsolvency, where users share stories of Mt. Gox sending back Japanese Yen refunds through PayPal.

Though we’re waiting for official confirmation, many Reddit users are stepping forward, saying they’ve successfully received payments. A significant breakthrough for those patiently waiting since Mt. Gox’s 2014 collapse, locking away their funds.

I just got paid
byu/Free-End2543 inmtgoxinsolvency

These repayments, which have just kicked off, bring a ray of hope for Mt. Gox creditors. The exchange’s collapse in 2014 meant losing a whopping 850,000 Bitcoins, making it one of the biggest hacks in cryptocurrency history.

On December 21, signs of repayment emerged when a user on X shared receiving Mt. Gox funds via Yen transfer.

A Decade’s Wait Ends: Mt. Gox Settlement Payouts Date Revealed

Nobuaki Kobayashi, the person in charge of Mt. Gox’s leftover Bitcoin estate, had given creditors a heads-up about repayments in a November 21 email. Though he didn’t give exact timings for everyone, he said cash repayments would start in 2023 and continue into 2024.

This good news is a much-needed lift for Mt. Gox creditors stuck in a long legal battle. The infamous 2014 hack meant losing 650,000 to 850,000 Bitcoins, pushing Mt. Gox to file for bankruptcy protection in Japan.

Despite the uncertainties, the plan to make things right is now in motion. Creditors can expect to get back around 90% of their funds, even though the full amount is unlikely. But here’s the kicker—99% of creditors waiting for their money have given a thumbs-up to this plan.

The crypto community closely watches as repayments start, hopeful for resolution in a story dragging on for years. The recent news injects a fresh dose of optimism for Mt. Gox creditors waiting patiently for closure amid financial uncertainties.