Mt.Gox Confirms Client Addresses for Compensation

Reddit users reported receiving emails from the defunct exchange Mt.Gox, in which the administration confirmed cryptocurrency wallet addresses for compensation purposes.

The correspondence was directed at clients of Kraken and Bitstamp, who were required to provide their addresses to receive payments in Bitcoin and Bitcoin Cash (BCH).

According to the email, centralized exchanges will act as “agents” to receive payments from Mt.Gox. If an account is disabled or frozen, compensations will not be disbursed.

However, some Reddit users complain that they have yet to receive confirmation.

Under Mt.Gox’s plan, payouts will continue through 2024. The platform will distribute assets amounting to 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen.

At the end of 2023, Reddit users in the r/mtgoxinsolvency thread reported that the trading platform began sending compensations in yen via PayPal.

In November, the platform’s trustee, Nobuaki Kobayashi, assured clients that payments would commence by the end of the year. He noted that creditor compensation is planned in several tranches, including basic, early lump-sum, and intermediate repayments.

Clients of Mt.Gox have been waiting for the return of their funds for ten years. The civil rehabilitation process began in June 2018. In 2021, the Tokyo court approved the exchange’s plan.

The trustee presented the compensation proposal in December 2020. Details of the plan became known in January 2021, and in February, the court approved it for subsequent voting.

The voting started on May 31 and concluded on October 20. Approximately 83% of the exchange’s users supported the compensation initiative.