After a decade of insolvency, Mt. Gox cryptocurrency exchange creditors are finally receiving payments for their claims. Recent speculation on the mtgoxinsolvency Reddit page suggests that users affected by the infamous Mt. Gox hack in 2014 may be receiving Japanese yen-denominated repayments through PayPal. While these reports remain unconfirmed, several Reddit users claim to have received payments and have shared screenshots of PayPal receipts. The news has created a buzz on social media, with many expressing surprise at the unexpected windfall.
One Reddit user posted a screenshot of their PayPal receipt, stating, “I just got paid.” Another user confirmed receiving their initial payment via PayPal and expressed their surprise that it was not a phishing attempt. A member of the Telegram group “MtGoxCreditors” also confirmed receiving a Japanese yen-denominated payment from the Mt. Gox trustee through PayPal on December 25.
Mt. Gox was once the world’s largest cryptocurrency exchange until it fell victim to a massive hack in 2014. Despite recovering approximately 20% of the stolen funds, the exchange collapsed, leaving creditors in limbo for almost a decade. The repayment deadline was recently extended to October 2024.
There is speculation about the potential impact of these repayments on Bitcoin prices, given the substantial volume of tokens being released. However, a UBS report suggests that while the market might experience some movement, it would not destabilize significantly.
The trustee overseeing Mt. Gox’s estate has initiated communication with rehabilitation creditors regarding the commencement of repayments. Efforts are being made to begin cash repayments within the 2023 calendar year, but repayments are expected to extend into 2024 due to the large number of rehabilitation creditors.
As repayments commence, there is speculation on how creditors might interact with their received crypto assets, potentially impacting Bitcoin prices as assets are sold or exchanged. This marks a significant development in the Mt. Gox saga and offers hope for creditors after years of uncertainty. The cryptocurrency community will be closely monitoring any potential market shifts resulting from the release of these long-awaited funds.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇯🇵 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Free-end254, rpostwvu, Nobuaki Kobayashi |
| Companies | The Block, MtGoxCreditors, PayPal, UBS, Mt. Gox |
| Currencies | Bitcoin, Japanese Yen |
| Securities | None |
