Creditors of the now-defunct Bitcoin exchange Mt. Gox have reportedly begun receiving fiat payments for the Bitcoins they had kept on the platform since February 2014. Several posts on the Reddit community r/mtgoxinsolvency on December 26 revealed instances where users claimed to have received payments after almost a decade of waiting. One user shared an email receipt confirming a PayPal payment, expressing disbelief at finally receiving their owed funds.
Another Reddit user, initially skeptical of a similar email, eventually confirmed the payment reflecting in their PayPal account. However, some individuals noted receiving partial reimbursements; for instance, a creditor who had claimed 0.125 Bitcoin received 30,283 yen (approximately $200), leaving them with an outstanding balance of around $748.
Mt. Gox's repayment process involves several phases, including basic, early lump sum, and mid-term repayments. The platform attributes "voting rights" to each claim, aiming to equate yen payments between fiat and cryptocurrency creditors. The Japanese yen amount for each claim was calculated by multiplying the Bitcoin price held by creditors in 2014 with subsequent spot prices to ensure fair compensation for the assets stuck on the exchange.
Initial repayments from Mt. Gox emerged on December 21, when a Japanese individual disclosed receiving a claim from the platform via a bank transfer, which was credited in Japanese yen. Trustee Nobuaki Kobayashi had initiated communication with restructuring creditors in November, notifying them of the commencement of repayments on November 21.
Kobayashi's email outlined plans for initial cash payments to creditors starting in 2023, with expectations for repayment proceedings to extend into 2024. Although a specific schedule for individual restructuring creditor repayments wasn't provided, Kobayashi had previously postponed the repayment deadline from October 31, 2023, to the same date in 2024, citing potential delays for some creditors who may have provided necessary information, with repayment actions anticipated "as early as the end of this year."
