Mt. Gox Initiates Repayments to Creditors; Oversights Lead to Double Payouts

By: Eliza Bennet

The defunct cryptocurrency exchange, Mt. Gox has commenced compensating its creditors, nearly a decade after its collapse. Several creditors have unveiled that they have received fiat replacements of their erstwhile locked assets on the failed exchange via PayPal and bank transfers in Japanese yen.

However, some users have reported receiving double payments. Kamikaz Fiat, a notable figure in crypto circles, blamed the trustee for the error. Future plans for compensation were disclosed last month - the repayment process is set to extend into the next year given the considerable number of creditors involved.

One of the largest cryptocurrency exchanges of its time, Mt. Gox, faced severe technical problems after being hacked in 2011, and subsequently collapsed in 2014. The failure consequential to this event affected approximately 24,000 customers, with losses amounting to around 850,000 BTC, currently valued at over $31 billion.