Mt Gox: Euphoria Hits Community As New Repayment Date Comes Into View

Mt Gox may be nearing the final stage of its much-anticipated repayment process to its creditors as the community recently took to Reddit to celebrate the new updates on its website.

Mt Gox Repayment May Not Be Close

One Reddit user dubbed Due_Career_4786 stated that the Mt Gox website went down a few days ago due to some suspected technical discrepancies. He precisely mentioned that the glitch was a function of an ongoing update being carried out on the platform. 

This speculation is supported by an earlier post from Mt. Gox’s insolvency hub on Reddit, detailing an updated table that suggests that repayment of Mt Gox creditors will happen soon.

The information added to the table includes the expected number of tokens to be withdrawn, that is, in BTC, BCH and cash (Yen). In addition, the table contained details of the payment status. While there is no level of certainty, it is expected that Mt Gox will distribute its holdings of 142,000 BTC, 143,000 BCH and 69 billion yen to creditors before October 31, 2024. 

The user who initially pointed out the update on the table also highlighted that the move does not guarantee that the disbursement will happen soon. In his opinion, updating the table may have been a means for the Bitcoin exchange to get creditors off its back. 

“I’m guessing maybe they were sick and tired of answering emails about the table and went ahead and fixed the issue so people would quit asking,” the Reddit user said, cautioning the community on intense euphoria.

Defunct Exchange’s Repayment Bid

Noteworthy, it’s been so many years since the Mt Gox exploit happened. Affected users have since been waiting for their repayment since 2014 when the platform suffered the attack. 

There have been several advancements on the part of the Bitcoin exchange toward the reimbursement exercise. In January, Mt Gox confirmed Bitcoin and Bitcoin Cash addresses with its creditors by verifying their identities and the existence of their accounts on cryptocurrency exchanges, marking their commitment to the users 

Mt Gox repayment process involves major cryptocurrency exchanges like Bitstamp which ceased operations in Canada on January 4, 2024, and Kraken amongst others.