Some Mt. Gox creditors says they’ve received repayments via PayPal

Testimonies about JPY payments via PayPal appeared on the Mt Gox creditor subreddit in the past day

article-image

thetahoeguy/Shutterstock modified by Blockworks

share

Nearly a decade after Mt. Gox’s dramatic collapse, some of the defunct crypto exchange’s customers claim they have received their long-awaited repayments.

Posts to the Mt. Gox creditor subreddit, as well as posts in a dedicated Telegram channel, indicate that certain payments have indeed gone out — in the form of the Japanese yen, to creditors who appear to have chosen to receive such payments via PayPal.

“I got money!!” one user wrote on Reddit. “Got our PayPal!! Woohoo!” wrote another.

Yet the process appears to have run into some early trouble. Posts on Reddit indicate that a few creditors received double payments via PayPal. One user posted an email they said was from the Mt Gox trustee, requesting a return of the extra payment. 

In September, the Mt. Gox rehabilitation trustee Nobuaki Kobayashi had told creditors that the repayment deadline had been pushed back a year, from Oct. 31, 2023, to Oct. 31, 2024. 

But last month, Kobayashi wrote in a message to creditors that some cash repayments would be issued before the end of the year. 

“The Rehabilitation Trustee plans to commence repayment to creditors shortly. The Rehabilitation Trustee is making efforts to commence repayments in cash within the 2023 calendar year,” Kobayashi’s November missive explained. “However, due to the large number of rehabilitation creditors who will receive repayment, the varying types of repayments, the different preparation and processing times required to make the repayment, repayments will continue into 2024.”

Mt. Gox failed in early 2014, triggering a global regulatory response and, closer to home, a nearly decade-long bankruptcy and corporate rehabilitation process. The exchange was the target of a string of hacks between 2011 and 2014. 

Earlier this year, a pair of Russian nationals were indicted by the US government for laundering funds stolen from Mt. Gox.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png

Research

Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.

article-image

Three Democrats joined Republicans Thursday in supporting a bill that would block the Federal Reserve from issuing a retail CBDC

article-image

Plus, Zeta Markets has released a litepaper for the “Zeta X” layer-2 it’s hoping to send to mainnet in early 2025

article-image

From CME Group’s launch of ether futures to congressmen urging the SEC to approve spot funds, a lot has led up the agency’s decision

article-image

Sponsored

As part of the #Breakout2024 plans, Radix has introduced Token Trek

article-image

House members ask Gensler to keep a “consistent and equitable approach” with ether ETF proposals after the agency approved spot bitcoin ETFs in January

article-image

Using old-world instruments to address crypto user experience challenges goes against what this industry set out to do