Users of the hacked cryptocurrency exchange Mt. Gox were given a hopeful indication that they may be compensated for their stolen funds, as the trustee overseeing the case provided new information about the repayment plan.
Several Mt. Gox creditors have shared that their claim statuses have been updated, providing details about Bitcoin (BTC), Bitcoin Cash (BCH), and reimbursement in fiat currency. Many believe that the cryptocurrency payouts will be distributed imminently.
In mid-April, some of the initial signs of trouble emerged on the Mt. Gox insolvency forum, as users noted unexpected deposits appearing in their repayment information on the site.
Based on a snapshot received from a lender, the Mt. Gox creditors’ accounts reportedly display a chart indicating the repayment progress along with other details like the total amount repaid and the remaining repayment due.
Based on several ReddIT discussions on the Mt. Gox bankruptcy forum, certain creditors have reportedly received traditional currencies in their bank accounts.
“I received USD money into my HSBC account with no apparent fees,” they noted, specifying that this transaction took place over a month after the initial update in the claims account.
The Redditor mentioned that the table was initially updated on March 15, followed by another update on April 8, and lastly on April 18 when Bitcoins were added.
A significant development: Bitcoins newly added to the Mt. Gox compensation process are an indication that distributions of cryptocurrency or cash are imminent, according to one Mt. Gox creditor. (CryptoMoon)
Last December, Japanese claimants were notified through letters about their funds. Within just two weeks, the money appeared in their accounts, which they could access via PayPal and private banks. We can only hope that the process for transferring crypto will be as swift and effective as it was with fiat currency.
Established in 2010, Mt. Gox, which is no longer in operation, used to be the largest Bitcoin exchange globally, handling around 70% of all Bitcoin transactions prior to its downfall. Unfortunately, in 2014, the platform suffered a significant security breach resulting in the loss of approximately 850,000 Bitcoins.
Mt. Gox is supposed to reimburse its creditors with approximately 142,000 Bitcoins and 143,000 Bitcoin Cash tokens, as well as around 69 billion Japanese yen (equivalent to $510 million) by October 2024.
After the identity verification process for Mt. Gox creditors and their crypto account preparations were finished, the most recent table adjustments occurred. These accounts will be utilized to reimburse Bitcoin and Bitcoin Cash in January 2024 through platforms like Bitstamp, Kraken, Bitbank, BitGo, or SBI VC Trade.
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2024-04-22 14:51