Bankrupt Mt. Gox to compensate affected users

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Affected users of the Mt. Gox will finally be compensated

The repayment plan was drawn up more than a year ago and was approved by creditors in October. In yesterday's letter, the bankruptcy trustee said it is currently preparing to repay in accordance with the approved recovery plan, which was confirmed by order of the Tokyo District Court on November 16, 2021.

To provide creditors with additional information on how the plan will proceed, documents regarding information on repayment procedures, an overview of these procedures and a process status report updated as of July 6, 2022 have been posted on Mt.Gox's website.

These documents contain the most detailed information that can be published at this time.

According to these documents, the value of the funds available to the administrator is currently about 66.5 billion Japanese yen, or about 490 million dollars, and approximately 141,686 BTC and 142,846 BCH.

Compensation will be paid in either fiat currency or cryptocurrency if the user so desires.

How it will be

For payments in fiat currency, it will be possible to request a transfer to a bank account, or to PayPal and NIUM. Available currencies are dollars, euros and yen.

For cryptocurrency payments, it will not be possible to have them sent to your own self-service wallet. In fact, it will only be possible to choose which exchanges to receive funds by choosing from a short list of exchanges that has not yet been announced.

This is exactly why it can be assumed that cryptocurrency compensation payments will not start anytime soon. On the other hand, payments in fiat currency will be preferred.

The date for the start of payments in BTC and BCH is not yet known, but it will still be necessary to wait for the green light from the court. In light of this information and due to the very long time delays to date, we can assume that BTC and BCH transfers to the affected users will not happen immediately.

It is also not yet known how many creditors will be compensated in fiat and how many will receive BTC and BCH, so it is not yet possible to know how much BTC will be exchanged directly by MT.Gox for fiat currency to pay creditors or how much will be returned as such to selected stock market.

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