The cryptocurrency market experienced a major shock in 2022 due to the bankruptcies of significant firms like Terra Luna and the FTX exchange. These events prompted the drafting of critical regulations for the crypto industry. However, these were not the first bankruptcy news in the crypto market. The defunct cryptocurrency exchange Mt. Gox, which had declared bankruptcy a long time ago, started distributing assets held since February 2014 to its users.
According to social media posts, creditors of the bankrupt Bitcoin exchange Mt. Gox began receiving fiat currency repayments for Bitcoin assets held since February 2014. Posts on Reddit’s r/mtgoxinsolvency suggest that Mt. Gox has been sending repayments in Japanese Yen via PayPal, nearly ten years after the assets were locked on the exchange on February 24, 2014.
This development has not yet been confirmed by official institutions. A Reddit user “Free-end254” posted a screenshot of an email containing a PayPal payment receipt, claiming to have just received a payment.
Another Reddit user shared that they received money and initially thought the email was a phishing scam, but later confirmed a real payment was made to their PayPal account.
The repayment process for Mt. Gox creditors began to surface when a Japanese user with a pseudonym reported receiving their Mt. Gox claims via bank transfer on December 21, deposited in Japanese Yen. This came just a month after the exchange’s trustee Nobuaki Kobayashi started emailing creditors about the commencement of repayments on November 21.
In the email, Kobayashi mentioned that the trustee planned to start the first repayments in cash in 2023 and expected to continue in 2024. However, Kobayashi did not specify an exact date for the individual repayments to exchange creditors. In related news, we reported on October 21 that Mt. Gox had postponed its repayment plans from October 31, 2023, to October 31, 2024.