Mt. Gox Creditors are said to be getting paid 10 years after the exchange closed

After receiving two payments, several customers wanted to know what the Mt. Gox rehabilitation trustee would do about it.

Reportedly, 10 years after the platform’s collapse owing to bankruptcy, creditors of the Mt. Gox cryptocurrency exchange have started to receive settlements of their claims.

Reddit users have reported that creditors who choose PayPal as their payment method are now getting their Bitcoin and Bitcoin Cash amounts in Japanese Yen (JPY).

According to Mat Phillips, a member of the Mt. Gox bankruptcy subreddit, he got $30,283 JPY ($212) in PayPal for a claim of $0.125 in Bitcoin and Bitcoin Cash. Phillips had inquired as to whether more payments would be issued since his claim form indicated that he should get a total of 106,502 JPY ($747).

Phillips and other users who made similar questions were reassured by community members that additional payments would be issued and all claims would be settled in due course.

However, some users have raised concerns about receiving two payments at once and have asked the Mt. Gox rehabilitation trustee to address the matter.

The Mt. Gox payments surprised creditors because many had given up hope of getting their claims paid after all these years. After many extensions, the Mt. Gox trustee finally settled on October 31, 2024, as the new deadline for creditors to make their repayments. Although there was no assurance, community members proposed paying users who registered on time and accurately by the end of 2023.

After being hacked for 25,000 BTC in 2011, Mt. Gox got into several sticky situations. Another attack in 2014 caused the exchange to lose an additional 750,000 BTC. At the time, it was processing almost 70% of all Bitcoin transactions. In the aftermath of the platform’s demise, which impacted around 24,000 creditors, civil rehabilitation actions were initiated four years later to pay consumers back for their losses. The hacked company still had assets of 69 billion JPY, 143,000 BCH, and 142,000 BTC.

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