Mt. Gox Initiates Repayments to Creditors via PayPal
Background:
Mt. Gox, the defunct bitcoin exchange that collapsed in 2014, has reportedly begun repaying some of its creditors.Last month, the exchange's trustee announced plans to repay creditors in cash in the coming months.
User Testimonials on Reddit:
Users on a Reddit thread, claiming to be creditors of Mt. Gox, shared their experiences of receiving payments through PayPal.One user, Free-End2543, posted a screenshot of a PayPal notification confirming the receipt of payment.Another user, rpostwvu, expressed surprise at receiving a legitimate Japanese yen payment via PayPal.
Confirmation via Telegram Group:
A user from the "MtGoxCreditors" Telegram group confirmed receiving a Japanese yen-denominated payment dated December 25 from the Mt. Gox trustee through PayPal.
Trustee's Response:
The Block reached out to Mt. Gox's rehabilitation trustee for comment, but there was no immediate response.
Repayment Plans and Extension:
Mt. Gox, in an email to creditors last month, announced efforts to initiate repayments in cash within the 2023 calendar year.Due to the substantial number of rehabilitation creditors, the trustee acknowledged that repayments might extend into 2024.In September, Mt. Gox extended the deadline for rehabilitation creditor repayments from October 31, 2023, to October 31, 2024.
Mt. Gox History:
Launched in 2010, Mt. Gox was a Tokyo-based platform that became the largest bitcoin exchange globally by 2013, handling 70% of all bitcoin trades.The exchange faced a crisis in 2014 when it suspended trading, halted all withdrawals, and filed for bankruptcy protection after losing over 800,000 bitcoins.
