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Mt. Gox Updates Repayment Plan: Creditors to Receive Bitcoin, Cash Following Verification

In a recent update that boosts optimism among affected users, the trustee of the hacked cryptocurrency exchange Mt. Gox has provided crucial information regarding the repayment process for the lost funds.

Users on the Mt. Gox insolvency subreddit began reporting in mid-April that their claims accounts had been updated.

These updates included details on the amounts of Bitcoin, Bitcoin Cash, and fiat currencies slated for repayment.

This has led many to anticipate imminent cryptocurrency reimbursements.

A creditor shared a screenshot on the subreddit that displayed a new table in their Mt. Gox account.

This table indicated various entries such as the status of repayments, the amounts that have been paid, and those still pending.

Further reinforcing these updates, multiple creditors have confirmed receiving fiat payments directly into their bank accounts.

One user detailed their experience on April 22, stating, “Money received as USD into an HSBC currency account and looks like zero fees,” highlighting the efficient processing of their repayment more than a month after initial updates were noted on their account.

They explained the timeline of updates: “Table had been updated March 15 first then April 8 second then April 18 when BTC lines arrived.”

These developments have been positively received within the community, with one creditor discussing the significance with Cointelegraph: “The latest additions of Bitcoin on the accounts in the Mt. Gox rehabilitation claims system is a major move for Mt. Gox creditors signaling disbursement of crypto or fiat will happen,” they noted.

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They further compared it to previous disbursements, recalling, “In comparison, last December Japanese claimants received notes on their page and within two weeks they saw fiat in their accounts via PayPal and private banks,” adding hopefully, “Let’s hope the crypto remittance echoes that of its fiat predecessor.”

Mt. Gox was established in 2010 and quickly ascended to become the world’s leading Bitcoin exchange, handling about 70% of all Bitcoin transactions until its collapse in 2014 due to a massive security breach that resulted in the loss of 850,000 BTC.

The exchange, now inoperative, is slated to reimburse its creditors with significant assets: 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen (approximately $510 million), with all repayments expected to be completed by October 2024.

This positive momentum follows the completion of identity verifications in January 2024, allowing the trustee to prepare the repayments through various established platforms such as Bitstamp, Kraken, Bitbank, BitGo, and SBI VC Trade.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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