Reports emerge suggesting Mt. Gox creditors are receiving repayments - page 2.

Publictalk792

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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.
Snip

I also think this is a good impression by the way.
I read an article that they will make repayment in October 2024 as you mentioned.
But suddenly they are now paying.
Question is that if they are paying in fiat so what will they pay. The original amount which they credited before exchange crash. Or they will be paid according to the current current value of the Bitcoin. If they will be paid according to the current rate so this will be profitable for them. Otherwise they are just receiving money which they staked and they are just getting back without any profit.

_act_

legendary

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Lightning network is good with small amount of BTC

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

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.

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.

adaseb

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I remeber they sold some BTC back in 2017-18 to cover the creditors. Does anyone know if those were paid out yet or are these the payments that are going out right now?

As far as I can tell none of the BTC in the trustees wallet have moved. So these seem to only be the fiat portions. It’s pretty crazy how it’s been exactly a decade since it went bankrupt and people are getting their money back.

Kakmakr

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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. Many of these people were very angry at the time and some still are... so they might opt out of receiving any bitcoins and will opt for the Fiat.

The Fiat had to come from the selling of some of the coins, so I reckon those sell orders has gone through already and it is priced into the current Bitcoin price. Roll Eyes

Fiatless

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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.

Great news and good work from the trustee Nobuaki Kobayashi. I was thinking they will still postponed the payment for they third time. But it good to see that these creditors are receiving funds after waiting for this long. They might have made some profit but some persons might have died before the release of this funds which means they have lost all. This is a reminder to everyone to be careful of centralised platforms.

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

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

Your speculations are correct this news will encourage people to keep large sums in centralised exchanges because they have a hope of recovering the funds. But this case is just one out of many exchanges that have gone bankrupt and many people lost money that they will never recover. And how many people will be willing to wait for ten years before having access to the money they Invested?

Despairo

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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

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.

According to the replies, it depends on which option you choose, you can get paid in crypto if you had it before. The repayments would be end in October 2024, it seems bull season will happen in that time.

Quote from: https://www.reddit.com/r/mtgoxinsolvency/comments/18r0w98/comment/kf0offg/

depends on what your selections/registrations were

people who chose "all cash" AND had any crypto balance will get more cash later. the crypto allotment, as crypto or cash can only be expected as of end Oct 2024 (the crypto in the trust hasn't moved yet)

if you chose "cash and crypto" repayment but didnt register a crypto exchange, then, well, you've got a problem you need to sort

bbc.reporter

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@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.

larry_vw_1955

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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.

Topic: Reports emerge suggesting Mt. Gox creditors are receiving repayments - page 2. (Read 291 times)