More than 10 years after Mt. Gox collapse, users confirm refunds

Defunct cryptocurrency exchange Mt. Gox has begun paying its creditors as part of its rehabilitation plan.

More than 10 years after its collapse, Mt Gox creditors are finally being repaid.

According to a Announcement of July 5, Payments are made in Bitcoin and Bitcoin Cash through centralized crypto exchanges designated to handle the transactions.

However, rehabilitation creditors must meet certain prerequisites before receiving payments. These include confirming the validity of their accounts and accepting the terms of the agreement of the intermediary agencies responsible for receiving the funds.

Additionally, the rehabilitation trustee and designated cryptocurrency exchanges must complete their discussions on how to handle refunds. This ensures that both parties are aligned on the refund process.

Several recipients have also confirmed the development on Reddit. One user receipt confirmed the exact amount they expected to receive on the Bitbank crypto exchange.

“BTC/BCC coins are already under my control,” the user wrote.

Another user shared an email received from Mt. Gox indicating that their exchange had been credited through a creditor based in Japan. Mt. Gox Co., Ltd. was named as the rehabilitation debtor and Nobuaki Kobayashi, attorney-at-law, as the rehabilitation trustee.

“This transfer was made for [your exchange]that you have designated as your designated cryptocurrency exchange, etc., on the MTGOX online rehabilitation application filing system […] “In accordance with the Rehabilitation Plan, the reimbursement took effect at the time the transfer was recorded on the blockchain,” the email said.

According to some answers According to the user’s message, only those who selected cryptocurrencies as a means of reimbursement when filing their claims are receiving the refunds.

At the time of writing, only BitBank and SBI, two Japanese cryptocurrency exchanges, had been listed. confirmed by users as having received the refunds.

Mt. Gox was one of the largest cryptocurrency exchanges before it filed for bankruptcy in 2014. The reason was a catastrophic security attack that led to the loss of approximately 650,000 BTC belonging to customers and approximately 100,000 owned by the exchange.

A compensation plan was approved by a court in 2021. The plan was supported by the majority of affected users.

This led to years of waiting before the exchange was finally completed. started paying customers in December 2023.

The recent cryptocurrency redemptions come as Bitcoin fell below $55,000 for the first time since February. With Mt. Gox surpassing 47,000 Bitcoin, the transfers have been reported as one of the main reasons behind the decrease in price pressure on the original cryptocurrency.

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