Cryptocurrencies

How are Mt. Gox refunds going? Who gets Bitcoin and who doesn’t?


Mt. Gox finally starts paying back creditors after a decade. The first users have received Bitcoin and Bitcoin Cash, causing unrest among crypto investors who fear the impact on the market.

Banner Bitcoin 1

Repayments started, Japanese creditors first

Ten years ago, Mt. Gox was the largest Bitcoin exchange in the world, processing about 70% of all BTC transactions. In 2014, it went bust, losing 850,000 BTC and bankrupting the platform.

Now, a decade later, victims are finally receiving their long-awaited refunds. Mark Karpeles, the former CEO of Mt. Gox, shared his joy on X (formerly Twitter):

“MtGox customers are finally receiving Bitcoins! After 10+ years I wasn’t sure if it would ever happen but here we are finally!! This has been a long journey and I’m glad we’re finally getting there, just a little bit more…”

Rehabilitation manager Nobuaki Kobayashi announced on July 5 known that payments were made in BTC and BCH to some creditors. These payments were made through designated cryptocurrency exchanges as per the rehabilitation plan.

Some users reported that they have already received their credits. In a subreddit In response to the Mt. Gox bankruptcy, Japanese creditors reported receiving their Bitcoin and Bitcoin Cash in full. One Reddit user reported receiving “the exact amount that was in the Mt. Gox table” into his BitBank account.

So far, only users of the Japanese crypto exchange appear to have received their tokens, raising fears among some crypto investors. The notice noted that some creditors will have to wait “for a while longer” for their BTC and BCH payouts, which could take up to 90 days.

Investors fear a Bitcoin crash

Crypto investors remain cautious as the Bitcoin price has fallen following news of the repayments. Many fear a mass sell-off by creditors, despite reassurances that many will hold on to their Bitcoin.

However, some creditors want make a profit with their Bitcoin. “As soon as I get them I’m going to sell them on Kraken,” one user said, suggesting that many affected individuals have recouped their losses and are now “extra.”

Some believe that payments should be made in installments to prevent further declines in the market.

Users of exchanges like Kraken are at a disadvantage compared to Japanese creditors because they do not yet have access to their Bitcoin and Bitcoin Cash tokens. This gives Japanese users the opportunity to sell their BTC before other creditors can, which could be detrimental to late recipients if the price continues to decline.



Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button