Reports emerge suggesting Mt. Gox creditors are receiving repayments

larry_vw_1955

sr. member

Activity: 1190

Merit: 469

Quote from: adaseb on December 29, 2023, 01:05:07 AM

Anyone know when those actual bitcoins will be distributed?

they're saying now before Oct 31, 2024 but I wouldn't be suprised if they come up with a reason why it needs to be pushed back further.

if they keep sending out double payments via paypal, some people might not get anything. Shocked

https://gizmodo.com/mt-gox-victims-report-double-repayments-from-2014-bitc-1851124760

Victims are finally starting to get their money back on Tuesday, nearly 10 years later. However, some are reporting Mt. Gox accidentally sent “double payments” and the trustees are asking for some of it back.

imagine that, you make people wait 10 years to get a partial refund and then you ask for some of it back when it's not the full refund. there's probably nothing they can do either except ask these people to send back the double payment. can't make them do anything.

adaseb

legendary

Activity: 3808

Merit: 1723

I didn’t realize they were getting payments in fiat. I assumed they got paid long ago after they sold BTC on 2018 when the exchange was solvent again.

I was expecting they would get a fair share of the remaining BTC and they would start moving those bitcoins from the trustees into peoples actual bitcoin wallets.

Anyone know when those actual bitcoins will be distributed?

larry_vw_1955

sr. member

Activity: 1190

Merit: 469

Quote from: btc78 on December 28, 2023, 02:26:15 AM

Well it would have 100x better if they had just held the bitcoin they had from almost 10 years ago just imagine how much it would have cost now if they still have everything every coin they bought for a much lesser price

except almost none of them would have done that. they would have sold when it hit 2x or 3x. so mt gox did them a favor in hindsight. 90% of them anyway.

Quote

i mean of course they are getting refunded but they are most likely not gonna receive the same exact amount of bitcoin they used to have or something of an equivalent to that it is regrettable but i guess it is still better than nothing

if they get a 20% of their btc then they should be very happy that they accidentally got into a situation that gave them no choice but to hold on for a bigger profit. Shocked

SquirrelJulietGarden

hero member

Activity: 1442

Merit: 775

Quote from: BenCodie on December 28, 2023, 02:15:35 AM

Of course they must, and I am definitely not suggesting that people should be frivolous with their cryptocurrency by using exchanges that show red flags, with the idea that they will be recovered. This is definitely not the case. Not your keys, Not your coins is something everyone should still have in their minds when transacting, trading and storing any cryptocurrency.

I agree with you about risk of centralized exchanges if people store their cryptocurrencies on those platforms.

They must read and watch these ones
Reminder: do not keep your money in online accounts
Bitcoin Q&A: Not your Keys, Not your Coins

Quote

The reality is that most exchanges are gone and will never come back, however it is curiosity that leads to think that if Mt. Gox can lead to the recovery of such a large portion of lost funds, maybe the recovery of others will follow suit. Mt. Gox is a very strong precedent that might enable a backlog of investigations and recoveries at the end of the day...It's entirely possible at any point following the success of the Mt. Gox recovery (possible doesn't mean that it will happen though, it just means that the precedent could enable this).

Exchanges are dead for years and can have money to pay their past customers are very rare. Honestly, if I am a victim of Mt.Gox and receive compensation from them this way, I would feel very sadly and disappointed, first about myself to make mistake by storing bitcoin on Mt.Gox. Second, it will like another unnecessary scratch on my wound which I forgot for years.

$200 or $1000 is big money but if receiving it causes me to regret that if I had not made that mistake, I would be a billionaire now, it is very painful.

btc78

full member

Activity: 2520

Merit: 214

Eloncoin.org - Mars, here we come!

Quote from: larry_vw_1955 on December 26, 2023, 08:27:31 PM

What was bitcoin price in 2014? $500? Now it's $40,000?

Seems like these people got a great deal which involved a bit of forced HODLing. Shocked

Assuming they all get paid back in full. Even if not, they probably come out with a reasonable rate of return.

Well it would have 100x better if they had just held the bitcoin they had from almost 10 years ago just imagine how much it would have cost now if they still have everything every coin they bought for a much lesser price i mean of course they are getting refunded but they are most likely not gonna receive the same exact amount of bitcoin they used to have or something of an equivalent to that it is regrettable but i guess it is still better than nothing

BenCodie

legendary

Activity: 1708

Merit: 1048

Quote from: SquirrelJulietGarden on December 27, 2023, 08:25:00 PM

Quote from: BenCodie on December 27, 2023, 08:52:13 AM

You are right, there have only been a few isolated cases (FTX, Mtgox) where money has been retrieved. Maybe, this will change in the future and more exchanges that have defunct in the past will be forced to re-accumulate and repay victims, though this is a hopeful idea.

See
Exchange graveyard
Hacked Exchanges since 2011
Report on crypto exchange hacks

People must assume they will lose their cryptocurrencies anytime if they store cryptocurrencies in accounts on centralized exchanges. Because those exchanges can scam, exit and run with user money, can be seized by governments, can be hacked and go to insolvent, bankruptcy.

Of course they must, and I am definitely not suggesting that people should be frivolous with their cryptocurrency by using exchanges that show red flags, with the idea that they will be recovered. This is definitely not the case. Not your keys, Not your coins is something everyone should still have in their minds when transacting, trading and storing any cryptocurrency.

The reality is that most exchanges are gone and will never come back, however it is curiosity that leads to think that if Mt. Gox can lead to the recovery of such a large portion of lost funds, maybe the recovery of others will follow suit. Mt. Gox is a very strong precedent that might enable a backlog of investigations and recoveries at the end of the day...It's entirely possible at any point following the success of the Mt. Gox recovery (possible doesn't mean that it will happen though, it just means that the precedent could enable this).

Despairo

hero member

Activity: 1064

Merit: 843

Quote from: Fiatless on December 27, 2023, 12:11:59 AM

And how many people will be willing to wait for ten years before having access to the money they Invested?

I guess they're not willing to wait for that long, but that's better instead of nothing isn't?

Quote from: _act_ on December 27, 2023, 02:51:30 AM

How can someone have money but prefer to lose the money. You know that if your seed phrase is lost your coin is lost. Then why not protect it? I have not lost my seed phrase before and I do not think that is going to happen. How about exchange like Cryptopia? What I know about the exchange is that people's coins has not been refunded. MT. Gox has been hacked over decade ago and that is disappointment for many people if they are just getting their money now. The best is to use noncustodial wallet and have complete control over your coins.

If they're scared from bankrupty in centralized exchanges, why most of people hold their coins in there? because they think the safest place is Binance because they have SAFU.

It's not they're expecting they will lose the money, but since Mt.Gox was the biggest exchange which willing to make a refund, they will think Binance, currently as a biggest exchange would do same.

I'm not suggesting to use CEX, I do hold all my coins in non custodial wallet, but I'm just trying to say how this news might give a bad effect to people who owns Bitcoin.

NewRanger

sr. member

Activity: 1624

Merit: 341

Buzz App - Spin wheel, farm rewards

This is good news, especially for creditors of Mt. Gox which has the option to receive repayment from Mt. Gox.. Grin

Previously, Mount Gox was one of the best platforms for buying and selling Bitcoin online, however, is this just an image or is it purely aimed at increasing and restoring public confidence in their platform as a place to exchange Bitcoin like before where it's not just old users who lose it? many years ago. also but for new users too.

Hopefully the return is not too far from the creditor's desired value and is worth their waiting time.

CODE200

sr. member

Activity: 1484

Merit: 323

Quote from: bbc.reporter on December 26, 2023, 11:10:08 PM

@larry_vw_1955. If the payments are in fiat then the trustee might be dumping bitcoin before he sends these repayments to the creditors?

It might be good to know how much of the repayments have been made because if repayment are 90% finished, this might be a signal to buy bitcoin again hehehe.

I just hope that my year-end bonus for my job would be paid before this price dump happens because that's going to be a lot of bitcoin that's going to be dumped if they're going to go down this path, hopefully. Hopefully my bonus would be more than just my monthly paycheck. It's good to hear that the creditors are getting their money back even if it's not in bitcoin, it seems that their Christmas is more merrier than the most of us, and they'll definitely be starting a good year.

larry_vw_1955

sr. member

Activity: 1190

Merit: 469

Quote from: kryptqnick on December 27, 2023, 07:00:41 AM

Op, I don't think they're getting full payments, especially if you mean full BTC payments. Not all the funds were recovered. From this article, it seems that only 21% of the money that was on the exchange in 2014 is actually the amount of payouts. It's 142,000 BTC, while there used to be 850,000 BTC. From some calculations I've seen online, it looks like the victims will still get some gains in comparison with how much they had in 2014, somewhere around a 9x-10x boost. But maybe I misunderstood the numbers.

Another user noted that only part of their 0.125 Bitcoin claim had been repaid, receiving a total of 30,283 yen — worth $200 at the current exchange rate — and was still missing an approximate payment of $748.

0.125 BTC is worth around $5000 assuming 1BTC = $40,000. So if the above user is only entitled to about $1000 then he's only getting about 20% of its value so your calculations seem to match up to that.

Quote

The fact that they're getting anything at all after all those years is already very good, IMO, as money lost in scams and hacks is usually lost completely with no hope of getting any of it back.

Yeah I mean if someone was ever going to lose money in a bitcoin scam, then Mt.Gox was probably the best place to do it. Some government really clamped down on them hard and made them take this refund process very seriously. Peoples' rear ends must have really been on the line. Shocked

bbc.reporter

legendary

Activity: 3122

Merit: 1492

Quote from: Despairo on December 26, 2023, 11:32:43 PM

Happy to see the creditors get paid after waiting almost a decade, let's see if Mt.Gox will pay back all they owes.

My speculation: If Mt.Gox paid all they owes, I think this will give a good impression for people to trust more in centralized exchanges because they will think it's safer as the coins can be recovered than non custodial wallet where you lose your seed phrase, it's gone. Tongue

But it might also leave a good impression on everyone who are not into the cryptospace yet. This will certainly help open the road to a new bull market. I reckon if we think this pump presently happening on bitcoin and altcoins is the bull market, I am quite sure we are mistaken.

We have not yet witnessed the full effect of the approval for the ETFs, the halving, the new developments on altcoins and the entry of new investors hehehe.

Fundamentals Of

sr. member

Activity: 2380

Merit: 366

I've also read the news. This must be true. But this is not the full repayment. Repayment is done in tranches. Moreover it would probably be impossible for everybody to receive exactly the same amount of Bitcoin they had when the exchange collapsed. That's not going to happen.

Also the repayments are done in fiat. There is probably no explanation or breakdown as to the price of Bitcoin when the conversion took place. So it is now very hard to expect that the fiat repayment will be equivalent to the price of Bitcoin today and based on the whole amount of Bitcoin left on Mt. Gox.

But the good thing is that Bitcoin's price has already increased a lot since Mt. Gox collapsed and it is being repaid now although in partial.

SquirrelJulietGarden

hero member

Activity: 1442

Merit: 775

Quote from: BenCodie on December 27, 2023, 08:52:13 AM

You are right, there have only been a few isolated cases (FTX, Mtgox) where money has been retrieved. Maybe, this will change in the future and more exchanges that have defunct in the past will be forced to re-accumulate and repay victims, though this is a hopeful idea.

See
Exchange graveyard
Hacked Exchanges since 2011
Report on crypto exchange hacks

People must assume they will lose their cryptocurrencies anytime if they store cryptocurrencies in accounts on centralized exchanges. Because those exchanges can scam, exit and run with user money, can be seized by governments, can be hacked and go to insolvent, bankruptcy.

BenCodie

legendary

Activity: 1708

Merit: 1048

It's not surprising that repayments have started, it has been made clear already that the deadline for completed repayments is October 2024, and there was rumors even on the forum that said that letters were sent (roughly 1-2 months ago) to creditors that repayments would start soon.

I am very curious to see how the Mt. Gox repayments will effect the market, and it would be great if we could track these movements on-chain. Does anyone have a blockchain link for any kind of repayment wallet?

Quote from: SquirrelJulietGarden on December 27, 2023, 08:08:53 AM

On top of this case, people who received money back are luckily enough even they will feel disappointed with money they get.

Don't think that you will be luckily like those victims of Mt.Gox and will receive money back like them if you store your bitcoin, cryptocurrency on a centralized exchange that goes bankrupted. Chance to get money, even part of your money, back is very small.

Those victims can feel disappointed now but they have to know that if Mt.Gox had not been hacked, they even would have sold their bitcoins many years ago with very cheap price, even lower than a price used for compensation.

You are right, there have only been a few isolated cases (FTX, Mtgox) where money has been retrieved. Maybe, this will change in the future and more exchanges that have defunct in the past will be forced to re-accumulate and repay victims, though this is a hopeful idea.

moneystery

full member

Activity: 868

Merit: 202

repayment made by mt. gox is good news, after they made refunds in the previous 2 sessions. even though we don't know whether the refund will be full or partial, but it will probably restore creditors' confidence in the crypto market and enable the market to move to a better level. hopefully this case can be resolved quickly so that all creditors can get their rights back.

SquirrelJulietGarden

hero member

Activity: 1442

Merit: 775

On top of this case, people who received money back are luckily enough even they will feel disappointed with money they get.

Don't think that you will be luckily like those victims of Mt.Gox and will receive money back like them if you store your bitcoin, cryptocurrency on a centralized exchange that goes bankrupted. Chance to get money, even part of your money, back is very small.

Those victims can feel disappointed now but they have to know that if Mt.Gox had not been hacked, they even would have sold their bitcoins many years ago with very cheap price, even lower than a price used for compensation.

armanda90

hero member

Activity: 1218

Merit: 608

Still doubt with this information because some cryptocurrency media not sharing yet exactly with Mt. Gox repayment fund to all their user, not matter what payment method kinds using fiat trough PayPal or refunding with Bitcoin depend all user received the same amount of their bitcoin currently in Mt. Gox exchange account before get hacking cases. Probably I don't sure any user of Mt. Gox receiving their payment refund because this issues have been long time but not get true with user receiving back their bitcoin assets.

Have good news if Mt. Gox refund for all user exactly using fiat trough PayPal make bitcoin keep stable on higher price, not get correction yet with bitcoin price and wish if this information true refund payment using fiat not bitcoin. Actually some exchange have been scam difficult to recovery or refund their user assets regarding Mt. Gox have been scam in long time and bitcoin have most cheapest price depend with current price bitcoin now.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Op, I don't think they're getting full payments, especially if you mean full BTC payments. Not all the funds were recovered. From this article, it seems that only 21% of the money that was on the exchange in 2014 is actually the amount of payouts. It's 142,000 BTC, while there used to be 850,000 BTC. From some calculations I've seen online, it looks like the victims will still get some gains in comparison with how much they had in 2014, somewhere around a 9x-10x boost. But maybe I misunderstood the numbers.
The fact that they're getting anything at all after all those years is already very good, IMO, as money lost in scams and hacks is usually lost completely with no hope of getting any of it back.

Taskford

hero member

Activity: 2520

Merit: 783

Quote from: larry_vw_1955 on December 26, 2023, 08:27:31 PM

Creditors of the long-defunct Bitcoin exchange Mt. Gox have reportedly started to receive fiat repayments for their Bitcoin, which had been trapped on the exchange since February 2014, according to numerous reports across social media.

https://cointelegraph.com/news/mt-gox-creditors-repayments-received-social-media-reports

What was bitcoin price in 2014? $500? Now it's $40,000?

Seems like these people got a great deal which involved a bit of forced HODLing. Shocked

Assuming they all get paid back in full. Even if not, they probably come out with a reasonable rate of return.

I guess for what pressure they get from that incident happen frim Mt.Gox issue I guess the current thing they get is a price for the effort they exert just to get earned back their money. And good thing to see that if repayment will be done to all Mt.gox affected user all of them are happy because they earn a lot of interest from their bitcoin force to hodl just because of that incident. Its like blessing in disguise for them so lets get updated with this news since somehow their refunds might create a fud and can possibly move the market.

Imagine how big needed to pay by Mt.gox to settle this issue and maybe this actions they made can cause a dump to the market especially if all those people receive a refund will sell all their coins and then there are institutions will ride it and use to create big fuds to manipulate the market.

DooMAD

legendary

Activity: 3948

Merit: 3191

Leave no FUD unchallenged

Quote from: Kakmakr on December 27, 2023, 12:32:33 AM

Well, I doubt that all coins were recovered, so they would most probably only receive a small percentage of their original coins that they have lost.

And on top of that, some would have been lost via legal costs. I'm pretty confident the lawyers made sure they got their cut first.

Topic: Reports emerge suggesting Mt. Gox creditors are receiving repayments (Read 309 times)