After 10 long years, Mt. Gox creditors have confirmed Japanese Yen refunds via PayPal. This follows the infamous 2014 collapse of the Bitcoin exchange which saw 950,000 Bitcoins, valued at $450 million, vanish.
The long wait for recompense was enforced by a series of legal battles, but Mt. Gox has now indicated payouts in cash before the end of 2023, with payments potentially extending into 2024.
Confirmation came from social media users on the mtgoxinsolvency Reddit page, with screenshots of PayPal receipts verifying receipt of funds.
The reasons behind the theft in 2014 remain unknown, but a combination of poor security measures and insider involvement is suspected. Creditors, who had expected easy withdrawals, were left helpless, but the repayment process allows them to reclaim a portion of their lost investments.
The timeline of payments, due to end on October 31, 2024, could influence the market dynamics of 2024, as creditors may choose to sell or exchange their crypto holdings.
This event marks a major development in one of the largest cryptocurrency exchange collapses, with affected creditors finally receiving recompense.