Mt. Gox Creditors Anticipate Payouts as Trustee Signals Progress

Mt. Gox creditors, who lost 850,000 BTC to a 2014 theft, received a new email indicating upcoming payouts.

According to several social media reports, Mt. Gox trustee Nobuaki Kobayashi began emailing rehabilitation creditors about repayments on Nov. 21.

Kobayashi plans to continue repayments in 2024 but did not specify the timetable for rehabilitation creditors. According to the email, as the Mt. Gox trustee declared trust asset redemption on Nov. 22, social media reports surfaced.

“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 rehabilitation trustee received 7 billion Japanese yen ($47 million) to repay claims, according to the official paperwork.

The statement reported 8.8 billion yen, or $59 million, in trust assets following redemption. The notification states that the rehabilitation trustee would prepare the base, early lump-sum, and intermediate repayments.

Many critics have noted that the recent email from the Mt. Gox trustee sounds “cautiously promising” and interpret it as “finally happening.” Mt. Gox rehabilitation watchers also remarked that the new email only mentioned cash payouts, while many hack victims expect huge Bitcoin returns.

X (previously Twitter)’s Mt. Gox balance bot shows that the trustee has 135,890 BTC on all known addresses, worth approximately $5 billion, according to CoinGecko.

The Mt. Gox balance bot reports 3,795 BTC ($130 million) on unknown addresses. One Reddit member said, “I think most creditors understand that one follows the other, and a cash payment after ten years is progress.”

Mt. Gox community members also highlighted Kraken’s Nov. 21 SEC lawsuit. The main crypto exchange participating in the Mt. Gox hack victims’ settlement” Suppose Kraken collapses before receiving Mt. Gox coins.

One Redditor wrote, “Ten more years.” Despite the community’s excitement at the recent Mt. Gox events, others remain skeptical about the payback due to the long history of nonpayment.

By October 2023, the Mt. Gox trustee was supposed to repay creditors. In September 2023, the trustee extended the payment deadline to October 2024.