Mt. Gox creditors report bitcoin and bitcoin cash payment update on claims system

Companies • April 22, 2024, 11:06AM EDT

Published 1 minute earlier on

Quick Take

Mt. Gox creditors report that the trustee’s rehabilitation claims system has been updated with amounts of bitcoin and bitcoin cash to be repaid and the completion date for repayment.

Multiple Mt. Gox creditors have reported that the trustee has updated claim accounts with bitcoin and fiat repayment data.

According to users of the Mt. Gox insolvency subreddit, the Mt. Gox trustee has added specific amounts to be repaid and dates of the completion of repayment to their claim accounts.

Mt. Gox creditors report seeing the amount of bitcoin and bitcoin cash expected to be repaid this year on the Mt. Gox rehabilitation claims system. Image: Reddit, u/IError413

"I just logged in and it finally populated the repayment table with JPY, BTC +2.66% and BCH +2.02% claims. Nothing received yet though," an individual claiming to be a creditor said on Reddit.

Creditors receive fiat repayments

Multiple screenshots show that the repayment status in the fiat currency repayment claim section is labeled complete. A number of users have claimed that they received fiat currency repayments in their bank accounts. "Money received as USD into an HSBC currency account and looks like zero fees,” one individual claiming to be a Mt. Gox creditor wrote on Monday.

The subreddit user added that the fiat transfer arrived in their bank account more than a month after the fiat currency repayments part of the table was updated. "Table had been updated March 15 first then April 8 second then April 18 when BTC lines arrived,” the Redditor stated.

Mt. Gox was founded in 2010 and became the largest bitcoin exchange globally until the platform suffered a security breach in 2014, resulting in the loss of 850,000 bitcoin.

In September 2023, the trustee of the now-defunct exchange announced that creditors would be reimbursed with 142,000 bitcoin and 143,000 bitcoin cash, as well as fiat currency totaling 69 billion Japanese yen ($510 million), by a new deadline of October 2024.

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About Author

Brian McGleenon is a UK-based markets reporter for The Block. He has worked as a financial journalist and producer for multiple news outlets over the years, such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard, and The Daily Express. Brian is also a screenwriter and producer with one feature film produced and one in development with Northern Ireland Screen. Apart from web3 and cryptocurrency developments, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity research. Get in touch via email [email protected].