Matt Gox creditors are said to receive payments 10 years after the exchange closes.

Creditors of defunct cryptocurrency exchange Matt Gox have reportedly begun receiving payment of their claims, a decade after the platform collapsed due to bankruptcy.

According to several posts and comments on Reddit, lenders who chose PayPal as their preferred payment method have started accepting their Bitcoin (BTC) and Bitcoin Cash (BCH) balances in Japanese Yen (JPY).

Matt Gox Lenders Accept Payments.

Matt Phillips of Mt. Gox said in a bankruptcy filing that a user received 0.125 BTC and BCH in his PayPal account, claiming 30,283 JPY ($212). According to his claim, Phillips should receive a total of 106,502 JPY ($747), so he asked if additional payments would be made.

When community members submitted similar requests to Phillips and others, he assured them that additional payments would be made and that all claims would be resolved in a timely manner.

On the other hand, some users got paid twice and the Mt. Gox asked whether the rehabilitation trustee would take steps to resolve the double payments.

“Um… I think I got paid twice? I received two transactions, each equal to the total amount of BTC/BCH Non-allotment (JPY). So… Merry Christmas…?” A lender commented.

Payment ends in October 2024

The Mt. Gox payments have been a Christmas surprise for creditors who have lost hope of recouping their claims after many years. The Mt. Gox trustee has extended the payment deadline to creditors several times, with the last date set at October 31, 2024. Community members suggested that users who registered without error should be paid by the end of 2023, but it was not. Warranty.

Matt Gox fell into trouble in 2011 after being hacked for 25,000 BTC. Handling 70% of Bitcoin transactions at the time, an additional 750,000 BTC were lost in 2014. The events led to the collapse of the platform, which affected about 24,000 creditors, and after four years of civil recovery proceedings to compensate the beneficiaries for the losses.

Despite the hacks, the defunct organization still has 142,000 BTC, 143,000 BCH and 69 billion JPY in assets.