Users of the hacked cryptocurrency exchange Mt. Gox have received a positive update regarding compensation for their lost funds. The Mt. Gox trustee has provided new information about the repayment of Bitcoin, Bitcoin Cash, and fiat currencies, leading many to believe that crypto repayments are imminent. Reports started appearing on the Mt. Gox insolvency subreddit in mid-April, with users stating that their claims accounts were updated with repayment data. Screenshots were shared showing tables with repayment status and amounts paid. According to posts on Reddit, some creditors have already received fiat currency in their bank accounts. One creditor reported receiving USD into an HSBC currency account with zero fees. The payments arrived after updates were made to the claims accounts in March and April. This is a significant development for Mt. Gox creditors and indicates that the disbursement of crypto or fiat will occur soon.
Mt. Gox, which was once the largest Bitcoin exchange globally, suffered a security breach in 2014 that resulted in the loss of 850,000 BTC. The exchange is now defunct and is in the process of repaying its creditors. It is expected to repay 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen ($510 million) by October 2024. The recent updates to the repayment data followed the completion of identity verification for Mt. Gox creditors and their associated crypto exchange accounts. These accounts will be used to facilitate the repayment of Bitcoin and Bitcoin Cash. Platforms such as Bitstamp, Kraken, Bitbank, BitGo, and SBI VC Trade are among those being considered for this purpose. The hope among creditors is that the crypto remittance process will be as smooth as the previous fiat remittance process experienced by Japanese claimants in December.
Creditors of the hacked cryptocurrency exchange Mt. Gox have received positive news regarding the repayment of their lost funds. Updates to the repayment data on their claims accounts have suggested that crypto and fiat repayments are imminent. Some creditors have already reported receiving fiat currency in their existing bank accounts. Mt. Gox is now working towards repaying its creditors, aiming to provide 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen ($510 million) by October 2024. The recent updates to the repayment data followed the completion of identity verification for creditors and their affiliated crypto exchange accounts. The hope is that the repayment process for cryptocurrencies will be as successful as the previous fiat repayment process.
