Mt.Gox customers start receiving payouts 10 years after the exchange’s bankruptcy

Social media users report receiving compensation in Japanese yen

26.12.2023 - 09:15

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2 min

What’s new? Customers of the bitcoin exchange Mt.Gox, which went bankrupt in 2014, have started receiving payments, they report on social networks. Earlier, the exchange received permission from the Tokyo court to extend the deadlines for the base, the early lump-sum, and the intermediate repayments until October 31, 2024. At the same time, Mt.Gox manager Nobuaki Kobayashi reported that creditors who have already applied for repayments will start receiving funds at the end of this year.

Cointelegraph’s material

What else is known? Mt.Gox, launched in 2010, was one of the first bitcoin exchanges in the world, it accounted for up to 70% of trading volume. In 2014, it ceased operations due to insolvency: it turned out that in previous years hackers had withdrawn 850 000 BTC belonging to 24 000 users from the platform thanks to a vulnerability. In total, 142 000 bitcoins, 143 000 Bitcoin Cash, and 69 billion Japanese yen were stored in the company’s accounts before the payments began.

The first reports of payments began to appear on December 21. Back then, a user under the nickname @visvirial reported in X that he received compensation by bank transfer in yen. On December 25, Reddit users began posting about receiving payouts to PayPal accounts. One of them noted that he initially accepted the payout notification in an email for a phishing attempt, but later the amount in yen actually arrived at the account. Another user said that he received only a fraction of the yen payouts from the total claims of 0,125 BTC and 0,125 BCH.

According to the receiver’s plan, payments to creditors will be made in several tranches.