HomeCryptoMt. Gox: users receive the first crypto refunds via PayPal

Mt. Gox: users receive the first crypto refunds via PayPal

Mt. Gox, the Bitcoin exchange, seems to have successfully initiated the first crypto refunds via PayPal. This is confirmed by some creditors on various social networks such as Reddit and Telegram. 

Mt. Gox and the first successful crypto refunds via PayPal

The Bitcoin exchange, Mt. Gox, seems to have successfully initiated the first crypto refunds via PayPal. 

“Mt. Gox would have started repaying some creditors through PayPal”

In practice, users have confirmed that they have received their refunds on various social media platforms such as Reddit and Telegram. 

For example, the user Free-End2543 on Reddit confirmed to have received the payment, attaching a screenshot of a notification sent via email from PayPal. User rpostwvu also wrote on the social platform that they received their “legitimate money in JPY” on PayPal.

However, these are the first confirmations of an operation that the Bitcoin exchange said would be completed “within the calendar year 2023”. In reality, given the high number of creditors, Mt. Gox should be able to continue repaying its creditors even in 2024. 

Mt. Gox and the announcement of crypto reimbursement to Bitcoin exchange creditors

Last November 2023, Mt. Gox had announced, through an email sent to creditors, its intention to start sending cash refunds to creditors within this year.

The email was sent by Nobuaki Kobayashi, the trustee for the rehabilitation, who however could not determine the specific timing of individual creditors. 

In reality, staying in general, Kobayashi had also added that, due to the high number of creditors, this refund process would extend until 2024. 

The Tokyo-based Bitcoin exchange, Mt. Gox, was launched in 2010, gaining popularity and serving 70% of all bitcoin transactions worldwide in 2013.

However, it halted all withdrawals in early 2014, when the company suspended trading. The website soon went offline and the company filed for bankruptcy protection after losing over 800,000 bitcoins.

The price of BTC after the Christmas holidays

Looking at the chart on CoinMarketCap, during the Christmas holidays, the price of BTC has fluctuated above $43,000, only dropping in the last 24 hours to $41,800.

At the time of writing, BTC is worth $42,438, showing a +13.68% pump compared to last month. 

In general, BTC is now at its yearly highs, and in a +151% pump compared to New Year’s Day 2023. Who knows if the queen of crypto will maintain the same level for the next New Year’s Day 2024. 

Stefania Stimolo
Stefania Stimolo
Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.