Crypto: 10 Years Later, Mt. Gox Finally Repays Its Creditors

After a decade of waiting, the Mt. Gox platform finally seems to be delivering justice to its creditors. According to several reports, cryptocurrency reimbursements have started being distributed. This comes as a relief to former users of the exchange.

Mt.Goxから弁済されてました！
最終弁済を選択したので、中間弁済だと思われます。
ちょうど10年かかりましたね。 pic.twitter.com/qDntG5Wssg

— びりある#全財産DeFi@𝐜𝐫𝐲𝐩𝐭𝐨𝐠𝐫𝐚𝐩𝐡𝐞𝐫 (@visvirial) December 21, 2023

After a decade of waiting, Mt. Gox honors its cryptocurrency creditors

Just like the fall of FTX, the Mt. Gox affair shook the crypto ecosystem. Its abrupt bankruptcy in 2014 had led to a 75% drop in the price of Bitcoin.

Trapped for nearly 10 years now, creditors of the cryptocurrency platform Mt. Gox are finally reporting payments via PayPal. This refers more precisely to various shared screenshots of Japanese yen payment emails on Reddit. In addition, several cryptocurrency creditors have stated:

“I just got paid,” declared Reddit user Free-end254.

“I got money!” asserts another Reddit user

In any case, this confirms the reality of the long-awaited reimbursements since the beginning of the year 2023. The magnitude of this achievement becomes clearer when considering that some cryptocurrency creditors are receiving payments corresponding to a fraction of their initial claims. For example, one user received 30,283 yen (about $200 at the current exchange rate, for a claim of 0.125 BTC).

The first Signs of Reimbursements Emerged on December 21

This wave of cryptocurrency reimbursements comes after the announcement from Nobuaki Kobayashi, the trustee of Mt. Gox, sent to creditors in November. These reimbursements, planned in several stages, are expected to continue throughout 2024, according to official statements. The cryptocurrency platform even offers creditors a way to track the status of their claims.

This adds a layer of transparency to the long-awaited process. However, the absence of a precise timetable still raises questions among cryptocurrency creditors. They do not know when they will receive the entirety of their claims.

Although partial for some cryptocurrency creditors, the payments initiated by Mt. Gox mark a significant step in the reimbursement process. More importantly, it signals the closure of a decade-long saga.