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Mt. Gox creditors offered fresh hope with new ‘commencement of repayment’ email

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The Mt. Gox trustee announced the redemption of $47 million in trust assets amid social media reports suggesting repayment to creditors could start in 2023.

Creditors of Mt. Gox, a now-defunct Bitcoin (BTC) exchange that lost 850,000 BTC to a hack in 2014, have reportedly received a new email hinting at soon-to-come repayments.

Nobuaki Kobayashi, the trustee overseeing the Mt. Gox Bitcoin exchange’s estate, on Nov. 21, started sending out emails to rehabilitation creditors regarding the commencement of repayments, according to multiple social media reports.

According to the alleged Kobayashi email on social media, the trustee plans to start the first repayments to creditors in cash in 2023. Kobayashi expects to continue the repayments in 2024 but did not provide the specific timing of repayments to individual rehabilitation creditors. According to the email:

“Due to the large number of rehabilitation creditors who will receive repayment, the varying types of repayments, the different preparation and processing times required to make the repayment, repayments will continue into 2024.”

The social media reports came as the Mt. Gox trustee issued an announcement on the redemption of trust assets on Nov. 22. According to the official document, the rehabilitation trustee received the redemption of 7 billion Japanese yen ($47 million) to fund the repayment of the claims. The statement noted that the trust assets after such redemption amounted to 8.8 billion yen, or roughly $59 million.

“The rehabilitation trustee will continue preparations to make the base repayment, early lump-sum repayment, and the intermediate repayment,” the announcement notes.

Related: Poloniex says hacker’s identity is confirmed, offers last bounty at $10M

The Mt. Gox trustee was previously expected to repay the exchange’s creditors by the end of October 2023. In September 2023, the trustee officially moved the repayment deadline to October 2024.

Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in

This is a developing story, and further information will be added as it becomes available.

Source

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    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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