Mt. Gox is in the final phases of its compensation process for creditors, with plans to disburse 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen by October 2024. Some creditors have reported receiving repayments, with updates on their claims accounts showing progress in receiving cryptocurrency and fiat repayments. One creditor shared a screenshot displaying the repayment status, completed amounts, and outstanding balances. Some creditors have reported receiving fiat currencies in their bank accounts, with one user mentioning zero fees on the transaction.
The latest update from MT.GOxBalanceBot shows that the defunct exchange’s BTC wallet address contains 137.89K BTC, with no deposits or withdrawals since May 10, 2018. This update has led to mixed reactions among Mt. Gox creditors, with some expressing skepticism while others speculate that repayments may start earlier than initially anticipated. The repayment process began in December 2023, and there have been reports of some creditors receiving double payments in their bank accounts.
Mt. Gox, once the world’s largest Bitcoin exchange, suffered a massive hack in 2014, losing 850,000 Bitcoin, which is now valued at over $57 billion. Following the theft, the exchange filed for bankruptcy protection and began rehabilitation proceedings in 2018 to compensate affected creditors. Delays and uncertainties have plagued the process due to legal disputes and other challenges, leaving users unsure of when they would receive their funds. Experts anticipate significant selling pressure in October as creditors liquidate their assets after enduring a prolonged wait for repayments, spanning almost a decade since the exchange’s liquidation.
The recent updates on Mt. Gox’s repayment process have been met with both anticipation and apprehension among creditors. While some are hopeful that repayments may start earlier than expected and possibly conclude before the scheduled date of October 31, others remain cautious due to past delays and uncertainties in the process. Reports of creditors receiving double payments in their bank accounts have added to the mixed reactions, with some expressing gratitude for the progress while others remain skeptical about the overall timeline and distribution of funds.
The ongoing saga of Mt. Gox and its repayment to creditors serves as a reminder of the risks associated with cryptocurrency exchanges and the importance of security measures to protect users’ assets. The hack and subsequent bankruptcy of Mt. Gox have had a lasting impact on the crypto space, leading to increased scrutiny and regulatory measures to prevent similar incidents in the future. As creditors await the final disbursement of funds, the potential selling pressure in October could have implications for the broader Bitcoin market, with some speculating on the impact of liquidations on prices and overall market sentiment.
Overall, the progress in Mt. Gox’s compensation process marks a significant milestone for creditors who have been waiting for years to recoup their losses from the exchange’s collapse. While challenges and uncertainties remain, the recent updates on repayments offer hope for a resolution to one of the most significant incidents in the history of cryptocurrency exchanges. As the final phase approaches, creditors and industry observers will be closely monitoring the developments to see how the repayment process unfolds and its potential implications for the broader crypto market.
