Mt. Gox: New Bitcoin & Cash Payout Dates Revealed

Clients of the compromised digital currency exchange Mt. Gox have recently received another hopeful indication concerning their prospects for reimbursement for stolen funds. This comes as the Mt. Gox trustee has provided crucial updates regarding the repayment process.

Several creditors linked with Mt. Gox have noted updates to their claims accounts, now including detailed information regarding the restitution in Bitcoin, Bitcoin Cash, and various fiat currencies. This development has led many to anticipate that repayments in cryptocurrency may be forthcoming.

Initial accounts of such updates emerged around mid-April on the Mt. Gox insolvency subreddit, where users shared their observations of newly added figures within the repayment data tables on their individual accounts.

One creditor shared a screenshot illustrating that the Mt. Gox claims accounts now include a table displaying the repayment status, completed repayments, and pending repayments.

Discussion on the Mt. Gox insolvency forum on Reddit suggests that some creditors have already started receiving fiat currency deposits directly into their bank accounts.

On April 22, a Mt. Gox creditor reported receiving funds in USD into an HSBC currency account, highlighting that the transaction incurred no fees. This payment was processed over a month after the first update to the repayment table was recorded on their claims account.

“Table had been updated March 15 first then April 8 second then April 18 when BTC lines arrived,” the Redditor stated.

The recent addition of Bitcoin to the accounts in the Mt. Gox rehabilitation claims system represents a significant step for the creditors, indicating that disbursements of both crypto and fiat currencies are imminent, according to a statement from a Mt. Gox creditor.

“In comparison, last December Japanese claimants received notes on their page and within two weeks they saw fiat in their accounts via PayPal and private banks,” the creditor said, adding: “Let’s hope the crypto remittance echoes that of its fiat predecessor.”

Originally established in 2010, Mt. Gox dominated the global Bitcoin exchange market before its collapse, handling an estimated 70% of all BTC transactions until it succumbed to a massive security breach in 2014, resulting in the loss of 850,000 BTC.

As per the latest updates, Mt. Gox is slated to distribute 142,000 Bitcoin and 143,000 Bitcoin Cash, along with 69 billion Japanese yen (approximately $510 million) to its creditors by October 2024.

The most recent updates to the repayment tables followed the completion of identity verifications for Mt. Gox creditors and the confirmation of their associated crypto exchange accounts slated for repaying Bitcoin and Bitcoin Cash in January 2024. Platforms available for these transactions include Bitstamp, Kraken, Bitbank, BitGo, and SBI VC Trade.