On December 22, the crypto community of the /mtgoxsolvency subreddit revealed that the fallen Tokyo-based bitcoin Bitcoin (BTC) exchange, Mt. Gox, has been sending emails to its creditors confirming that the repayment details they provided have been verified with relevant cryptocurrency exchanges.
Judging by the comments, Mt. Gox has been sending emails in a staggered fashion, based on the platforms the creditors have their accounts with. For example, multiple Bitstamp users reported they had received the email, and many Kraken customers stated they were still waiting.
For its part, the fallen Bitcoin exchange warned that users whose accounts have been disabled or frozen will not be able to receive repayments using said addresses and specified that the emails concern payments in Bitcoin and Bitcoin Cash (BCH).
SubscribeJoin us in showcasing the cryptocurrency revolution, one newsletter at a time. Subscribe now to get daily news and market updates right to your inbox, along with our millions of other subscribers (that’s right, millions love us!) — what are you waiting for?Mt. Gox promised it would start repaying ‘shortly’ last November
The January 22 emails are likely a continuation of a Mt. Gox drive started in November 2023 that aims to return approximately 142,000 Bitcoin, 143,000 Bitcoin Cash, and ¥69 billion – worth more than $5.67 billion on the announcement date, and about $6.46 billion at press time.
Crypto crash: Bitcoin drops below $40K as chatter quiets down
Cryptocurrencies priced in cents set to reach $1 in 2024
Bold Predictions: VeChain to $0.05
Verida, cheqd, and FinClusive team up to provide multipurpose plug-and-play KYC
Robert Kiyosaki reveals 3 better investments than real estate in 2024
At the time, the fallen exchange stated that repayments would take place in the coming months and weeks and specified that those creditors whose payment methods were determined to be “effective at this time” would start receiving their assets.
Indeed, in late December 2023, several creditors reported that Mt. Gox started adding Yen-denominated balance to their PayPal (NASDAQ: PYPL) accounts.
Likely as a result of perpetually moving deadlines and repayment timetables – as well as the overall length of the Mt. Gox bankruptcy – members of the crypto community on X took the news with a combination of cynicism and absurdist humor.
Some started sharing memes depicting fictional events, such as “Mt. Gox refunds client with a Frapuccino,” while others described their belief that any hopes that clients will be made whole were “wishful thinking.”
Indeed, the Tokyo-based exchange suffered from the exploit that ultimately led to its downfall in 2011 and officially closed its doors in February 2014 – 9 years and 11 months ago – meaning that its customers have been stuck in limbo for nearly one entire decade.