Trustees of the defunct cryptocurrency exchange, Mt. Gox, have reportedly initiated communication with creditors to verify the existence of their Bitcoin accounts to start repayments of BTC and BCH on Bitstamp and Kraken accounts.
Many creditors associated with Mt. Gox have received fresh emails from the exchange provider confirming the successful completion of identity verification for cryptocurrency exchange accounts intended to repay Bitcoin and Bitcoin Cash.
On January 22, one of these emails was published on Mt. Gox’s insolvency hub on Reddit. It states that the trustee has verified account ownership with a cryptocurrency exchange mentioned in the user’s rehabilitation claim. The email specifies that to receive reimbursement in BTC/BCH, the exchange must now approve the user’s subscription to the agency receipt.
“Please note that if your account is disabled or frozen in the future, you may not be eligible to receive repayment in BTC/BCH,” a rough translation of the email stated.
Most confirmations emerged from the Bitstamp exchange, although many Reddit users have attested to receiving the email in question from the Mt. Gox trustee. The majority of Kraken users have not yet received the confirmation email, although a minority of them have confirmed receipt.
The trustee has initiated bank account repayments concurrently with the arrival of the new Mt. Gox emails. Certain creditors received duplicate payments when the initial repayment reports for Mt. Gox surfaced in late December 2023.
Before its collapse in 2010, Mt. Gox was the largest Bitcoin exchange globally, facilitating an estimated 70% of all BTC transactions. A security lapse 2014 caused the exchange to lose 850,000 BTC, making it one of the largest cryptocurrency bankruptcies in history.
By October 2024, Mt. Gox is anticipated to fulfill its financial obligations to its creditors by repaying 142,000 Bitcoin, 143,000 in derived cryptocurrency, Bitcoin Cash, and 69 billion Japanese yen ($510 million).
