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PayPal Was Used To Reimburse The Creditors Of Mt. Gox.

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PayPal Was Used To Reimburse The Creditors Of Mt. Gox.

(CTN News) – Several years after the infamous collapse of Mt. Gox, several former PayPal customers of the defunct cryptocurrency exchange are claiming to have finally received their long-awaited repayments.

Posts on the Mt. Gox creditor subreddit and a dedicated Telegram channel indicate that certain individuals have indeed received payments, specifically in Japanese yen, through PayPal, as per their chosen method of payment.

Excitement and relief were evident in the online discussions, with one Reddit user exclaiming, “I got money!!” Another user expressed their joy by writing,

“Got our PayPal!! Woohoo!”

However, it seems that the repayment process has encountered some initial issues. Reddit posts reveal that a few creditors received duplicate payments through PayPal. One user even shared an email allegedly from the Mt. Gox trustee, requesting the return of the extra payment.

Back in September, the rehabilitation trustee of Mt. Gox, Nobuaki Kobayashi, informed creditors that the repayment deadline had been extended by a year, from October 31, 2023, to October 31, 2024.

However, in a recent communication to creditors, Kobayashi stated that some cash repayments would be issued before the conclusion of this year.

In his November message, Kobayashi, the Rehabilitation Trustee, clarified that efforts are being made to initiate repayments to creditors in cash within the 2023 calendar year.

Nevertheless, due to the significant number of rehabilitation creditors, the various types of repayments, and the diverse preparation and processing times required, repayments will extend into 2024.

The failure of Mt. Gox in early 2014 resulted in a PayPal global regulatory response and a lengthy bankruptcy and corporate rehabilitation process.

The exchange experienced a series of hacks from 2011 to 2014. Recently, two Russian individuals were indicted by the US government for laundering funds stolen from Mt. Gox.

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