Mt. Gox begins repaying its creditors:
- Mt. Gox, the once-dominant Bitcoin exchange, has started repaying its creditors.
- Payments are being made through PayPal in Japanese yen.
- This repayment process could continue until 2024.
Start of repayments for Mt. Gox
Mt. Gox, the former leader of Bitcoin exchanges, has recently initiated the repayment process for some of its creditors.
Several users claiming to be Mt. Gox creditors have recently shared on Reddit and Telegram that they have received their payments via PayPal. These payments, made in Japanese yen, mark a significant milestone in the exchange’s long saga, which experienced a dramatic collapse in 2014.
“I just received my initial payment via Paypal!! I thought it was a phishing attempt on my email, but no, legitimate JPY money”
said a user on Reddit
These initial repayments come after last month’s announcement by the exchange’s rehabilitation trustee, stating that cash refunds would begin soon.
Looking back at the collapse of Mt. Gox
Launched in 2010, Mt. Gox quickly rose to become the largest Bitcoin exchange platform in 2013. At that time, the platform handled over 71% of all Bitcoin trades worldwide.
However, in 2014, the company suspended operations, halted all withdrawals, and eventually filed for bankruptcy after losing over 800,000 bitcoins. Although the recent repayment initiative shows progress, it is expected to last until 2024 due to the large number of creditors involved in the rehabilitation process.
