Mt. Gox trustee updates Bitcoin and fiat repayment timetable

Mt. Gox creditors can now see the amount of Bitcoin and Bitcoin Cash expected to be repaid this year on the Mt. Gox rehabilitation claims system.

Users of the hacked cryptocurrency exchange Mt. Gox received another optimistic signal regarding compensation for hacked funds, with Mt. Gox trustee updating some crucial repayment data.

Multiple Mt. Gox creditors have reported that their Mt. Gox claims accounts were updated with information about Bitcoin (BTC), Bitcoin Cash (BCH) and fiat repayment, with many suggesting that cryptocurrency repayments are coming soon.

Some of the first such reports surfaced on the Mt. Gox insolvency subreddit in mid-April, with users reporting the addition of amounts to be paid in the repayment data table on their accounts.

According to a screenshot shared by one creditor, the Mt. Gox claims accounts now show a table with repayment status and other entries such as the amount of completed repayment and the amount of incomplete repayment.

According to multiple posts on the Mt. Gox insolvency hub on Reddit, some creditors have already received fiat currency in their bank accounts.

“Money received as USD into an HSBC currency account and looks like zero fees,” one Mt. Gox creditor wrote on April 22, adding that the payment came more than a month after the first table update appeared on the claims account.

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

The latest additions of Bitcoin on the accounts in the Mt. Gox rehabilitation claims system is a major move for Mt. Gox creditors signaling disbursement of crypto or fiat will happen, one Mt. Gox creditor told Cointelegraph.

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“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.”

Founded in 2010, the now-defunct Mt. Gox was once the biggest Bitcoin exchange in the world, estimated to account for 70% of all BTC transactions before implosion. The platform lost 850,000 BTC to a security breach in 2014.

Mt. Gox is expected to repay its creditors 142,000 Bitcoin and 143,000 in the forked cryptocurrency Bitcoin Cash in addition to 69 billion Japanese yen ($510 million) by October 2024.

The latest table updates followed the completion of identity verification of Mt. Gox creditors and their crypto exchange accounts that would be used to repay Bitcoin and Bitcoin Cash in January 2024. Some available platforms include Bitstamp, Kraken, Bitbank, BitGo and SBI VC Trade.