Creditors of long-failed cryptocurrency exchange Mt. Gox have finally begun receiving payment for Bitcoin (BTC) that has been locked up on the exchange since February 2014.
On the mtgoxinsolvency Reddit page on December 25, users speculated that Mt.Gox was sending refunds in Japanese yen via PayPal. This comes almost 10 years since the funds were blocked from the exchange on February 24, 2014.
Notably, one Reddit user, Free-end254, stated that he had received the payment and attached a screenshot confirming it from PayPal. Another user also confirmed receipt of funds, noting that he initially mistook the message for phishing.
In late November, Mt. Gox creditors received an email from the bankruptcy trustee indicating its intention to initiate payments. However, due to different payment types and other processing times, payments will continue until 2024. As part of this process, Mt. Gox will distribute various assets to creditors.
Last September, the court allowed Mt. Gox to extend the deadline for repaying hacking victims until October 31, 2024. It was previously announced that creditors’ losses would be compensated by the end of October. However, Kobayashi said the trustee was unable to complete the payment by the agreed upon date.
Mt. Gox creditors have been waiting for repayment for nearly a decade, and the payment deadline has been postponed several times. In the future, debt repayment may affect the price of Bitcoin if creditors begin selling or exchanging the crypto assets they have received.