Creditors of the bankrupt Mt.Gox exchange have reported that they have finally started receiving payments on their cryptocurrency debts. This news has been shared on the Reddit blog platform, with several users confirming that they have received compensation in fiat currency for their previously locked crypto assets. The payments were made in Japanese yen and were transferred through the popular payment service, PayPal.
It has been almost ten years since Mt.Gox clients lost access to their crypto assets on the exchange, and it has taken this long for the first payments to be made. Trustee Nobuaki Kobayashi recently announced the start of debt repayments as part of the crypto platform’s interim administration plan.
Despite this positive development, there is still uncertainty regarding the final deadline for compensating all the creditors of Mt.Gox. The sheer number of creditors and the various forms of repayment options are creating complexity. For instance, the MtGox Investment Funds (MGIF) and the New Zealand crypto exchange Bitcoinica, which account for around 20% of the total debt, have chosen to receive their assets in bitcoins instead.