Reddit Forum: Mt. Gox creditors begin to receive payments

Many Mt. Gox creditors have reported on Reddit that they have received partial compensation via PayPal a decade after the incident.

Mt. Gox is preparing to launch a creditor reimbursement plan, with cash payments expected to begin by the end of this year.

Mt. Gox Creditors Receive Compensation Payments

Multiple posts on Reddit show that Mt. Gox creditors have begun receiving compensation payments in Japanese Yen via PayPal. These payments are compensation for the bitcoins that have been stuck on the exchange since February 2014. While these claims have not been officially confirmed, the sharing by Reddit users provides some preliminary evidence.

Details of Mt. Gox Compensation

According to a Reddit user's sharing, the compensation they received was not the full amount. For instance, one user stated that they only received a portion of their 0.125 bitcoin claim, totaling 30,283 Japanese Yen (approximately $200), while they still have around $748 of compensation yet to be received.

Staged Payments of Mt. Gox Compensation

Mt. Gox creditors will receive compensation in several stages, including basic compensation, early lump sum compensation, and mid-term compensation. The first compensation payment was made on December 21, with an anonymous Japanese user reporting receiving compensation from Mt. Gox via bank transfer in Japanese Yen.

Progress of the Compensation Plan

Mt. Gox trustee Nobuaki Kobayashi notified creditors of the compensation payments via email on November 21.

Kobayashi stated that the plan will start distributing cash compensation to creditors from 2023 and is expected to continue into 2024. Previously on September 21, the Mt. Gox trustee extended the compensation deadline from October 31, 2023, to the same date in 2024, but also noted that some compensation payments may be made by the end of this year for creditors who have provided the necessary information.

The discussions on Reddit regarding compensation situations could potentially be related to the aforementioned compensation payments.