MtGox Payouts To Start Within Five Weeks

By Mark Hunter

1 day agoFri Nov 24 2023 07:29:33

MtGox-Payouts-To-Start-Within-Five-Weeks

Reading Time: 2 minutes

  • Cash payouts for MtGox creditors are scheduled to commence by the end of 2023, nearly ten years after the exchange collapsed
  • Creditors were given options of crypto, cash, or a combination payout, with crypto payments expected next year
  • The news coincides with the launch of the first book on MtGox, “Ultimate Catastrophe” by Mark Hunter

Payouts for MtGox creditors will start by the end of 2023, but those waiting for crypto payouts are out of luck; only the cash payouts will be processed initially. Creditors were given the option of receiving payouts of cryptocurrency, cash, or a combination of the two, and the first tranche of cash payments are set to be made by the end of the year. Crypto payments should still be forthcoming next year, ten years after the exchange fell into bankruptcy. The news ties in the with launch of the first book to cover the MtGox episode, Ultimate Catastrophe – How MtGox Lost Half a Billion Dollars and Nearly Killed Bitcoin, by our own writer, Mark Hunter.

Nearly Ten Years of Waiting

When MtGox imploded in February 2014, losing everyone their money, the company’s hundreds of thousands of customers couldn’t have imagined that they would be waiting almost ten years for a payout. And yet that’s exactly what’s happened, with the first payouts now confirmed to take place at the end of this year.

An email was sent from the trustee, Nobuaki Kobayashi, to creditors to tell those who had passed KYC and had their payment details ratified to inform them that the first cash payments would start by the end of the year. This led to some gallows humor from those in the MtGox creditors’ Telegram group that this meant Kobayashi would wait until 23:59 on New Year’s Eve to send the first payment.

No Deadline for Crypto Payments

The majority of creditors, however, have opted for crypto repayments, and there is no deadline for when they might be received. Crypto payouts will go to one of two exchanges and will then be sent on to the creditors from there, adding another layer of complexity to the matter.

The news that the first payments may finally be just weeks away comes just days before the first book on the MtGox affair, Ultimate Catastrophe – How MtGox Lost Half a Billion Dollars and Nearly Killed Bitcoin, by Fullycrypto writer Mark Hunter, goes on sale.

How does a company lose half a billion dollars without knowing it?

Or did they know?

Find out in ‘Ultimate Catastrophe – How MtGox Lost Half a Billion Dollars and Nearly Killed Bitcoin’.

Out November 27.https://t.co/lDZZXZEXNh#mtgox #ultimatecatastrophe #bitcoin pic.twitter.com/DMfOgrCh2x

— Mark Hunter (@Twentynothing00) November 23, 2023