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Several Mt. Gox Exchange lenders confirmed the start of payments

Market and Events: Several Mt. Gox Exchange lenders confirmed the start of payments

Several customers of the insolvent Mt. Gox platform have recently announced the receipt of compensation payments, as reported by Cointelegraph. Social media posts indicate that these clients have finally received compensation for their bitcoins, which had been locked on the exchange since February 2014.

For instance, a Reddit user shared a screenshot of an email that included a payment receipt through the #PayPal service. Another Mt. Gox customer confirmed receiving a partial compensation of 30,283 yen, equivalent to approximately $200 based on the current exchange rate. However, this customer is still awaiting the remaining amount to be paid.

Several Mt. Gox Exchange lenders confirmed the start of payments
Reddit users are posting messages about receiving payouts from Mt.Gox. Source: Reddit.

The news about the bankrupt company initiating compensation payments was first shared on X (formerly Twitter) on December 21. One user confirmed receiving a bank transfer in Japanese yen.

To provide some context, the Mt. Gox exchange ceased operations in 2014 following a hacking incident that resulted in a loss of 850,000 BTC (equivalent to $36.5 billion at the time of writing). Since then, customers have been patiently waiting for almost a decade to be reimbursed.

In late November 2023, the trustee of the company, Nobuaki Kobayashi, reassured clients that payments would commence by the end of 2023. He outlined the repayment plan, which includes multiple tranches such as a base repayment, an early lump sum repayment, and an interim repayment.

It is anticipated that the exchange will distribute 142,000 BTC, 143,000 #BCH, and 69 billion yen to customers who are eligible for compensation. Notably, prominent lenders such as Bitcoinica and MtGox Investment Funds (MGIF) have opted to provide compensation in #Bitcoins rather than fiat currency.

This development brings hope to the affected clients of #Mt. Gox, as they finally see progress towards receiving their long-awaited compensation.

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