Creditors of the long-defunct #bitcoin exchange Mt. Gox are sharing information on social network Reddit about starting to receive repayments in Japanese yen via PayPal. This step comes nearly ten years after the exchange's collapse in 2014. The payment of these claims is the result of a prolonged legal battle and uncertainty about the fate of funds trapped in the exchange.
Repayment Process and Creditors' Reactions
Several Reddit users have provided evidence of payment receipt, including screenshots of email confirmations from PayPal. These posts have sparked discussions about how the payments are being made and whether they represent full or partial repayments. For instance, one user mentioned receiving only a small portion of their claim, worth 200 USD, despite their total claim being much higher.
Reddit users began posting about receiving payments from Mt. Gox on Dec. 26. Source: Reddit
Strategy and Planning for Repayments
Mt. Gox's administrator, Nobuaki Kobayashi, indicated that payments would be made gradually in several phases. This strategy includes basic repayments, early one-time payments, and ongoing repayments. Initially, it was expected that the first payments would be made in 2023, with continuation into the following year. However, the deadline for final repayment was shifted from October 2023 to October 2024.
Significance for the Crypto Community
This event is closely watched by the wider cryptocurrency community, as the Mt. Gox case is considered one of the most significant in the history of cryptocurrencies. The payment of claims holds symbolic importance not only for the directly affected creditors but also as an example of the risks and potential problems associated with investing in cryptocurrencies.
Expectations and Further Comments
Despite some creditors announcing the receipt of payments, the situation remains unclear, particularly due to the lack of official confirmation from Mt. Gox or administrator Kobayashi. Media outlets are attempting to gather more information and comments on these events but have so far not received a response. This uncertainty keeps the community on alert, with many anticipating further developments and confirmation of how the additional payments and the creditor rehabilitation process will proceed.
#PayPal #MtGox #crypto2024SpaceCatch
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