Reports emerge suggesting Mt. Gox creditors are receiving repayments

[NewRanger]

This is good news, especially for creditors of Mt. Gox which has the option to receive repayment from Mt. Gox..

Previously, Mount Gox was one of the best platforms for buying and selling Bitcoin online, however, is this just an image or is it purely aimed at increasing and restoring public confidence in their platform as a place to exchange Bitcoin like before where it's not just old users who lose it? many years ago. also but for new users too.

Hopefully the return is not too far from the creditor's desired value and is worth their waiting time.

[Despairo]

And how many people will be willing to wait for ten years before having access to the money they Invested?

I guess they're not willing to wait for that long, but that's better instead of nothing isn't?

How can someone have money but prefer to lose the money. You know that if your seed phrase is lost your coin is lost. Then why not protect it? I have not lost my seed phrase before and I do not think that is going to happen. How about exchange like Cryptopia? What I know about the exchange is that people's coins has not been refunded. MT. Gox has been hacked over decade ago and that is disappointment for many people if they are just getting their money now. The best is to use noncustodial wallet and have complete control over your coins.

If they're scared from bankrupty in centralized exchanges, why most of people hold their coins in there? because they think the safest place is Binance because they have SAFU.

It's not they're expecting they will lose the money, but since Mt.Gox was the biggest exchange which willing to make a refund, they will think Binance, currently as a biggest exchange would do same.

I'm not suggesting to use CEX, I do hold all my coins in non custodial wallet, but I'm just trying to say how this news might give a bad effect to people who owns Bitcoin.

[BenCodie]

You are right, there have only been a few isolated cases (FTX, Mtgox) where money has been retrieved. Maybe, this will change in the future and more exchanges that have defunct in the past will be forced to re-accumulate and repay victims, though this is a hopeful idea.

See
Exchange graveyard
Hacked Exchanges since 2011
Report on crypto exchange hacks

People must assume they will lose their cryptocurrencies anytime if they store cryptocurrencies in accounts on centralized exchanges. Because those exchanges can scam, exit and run with user money, can be seized by governments, can be hacked and go to insolvent, bankruptcy.

Of course they must, and I am definitely not suggesting that people should be frivolous with their cryptocurrency by using exchanges that show red flags, with the idea that they will be recovered. This is definitely not the case. Not your keys, Not your coins is something everyone should still have in their minds when transacting, trading and storing any cryptocurrency.

The reality is that most exchanges are gone and will never come back, however it is curiosity that leads to think that if Mt. Gox can lead to the recovery of such a large portion of lost funds, maybe the recovery of others will follow suit. Mt. Gox is a very strong precedent that might enable a backlog of investigations and recoveries at the end of the day...It's entirely possible at any point following the success of the Mt. Gox recovery (possible doesn't mean that it will happen though, it just means that the precedent could enable this).

[btc78]

What was bitcoin price in 2014? $500? Now it's $40,000?

Seems like these people got a great deal which involved a bit of forced HODLing.  Assuming they all get paid back in full. Even if not, they probably come out with a reasonable rate of return.

Well it would have 100x better if they had just held the bitcoin they had from almost 10 years ago just imagine how much it would have cost now if they still have everything every coin they bought for a much lesser price i mean of course they are getting refunded but they are most likely not gonna receive the same exact amount of bitcoin they used to have or something of an equivalent to that it is regrettable but i guess it is still better than nothing

[SquirrelJulietGarden]

Of course they must, and I am definitely not suggesting that people should be frivolous with their cryptocurrency by using exchanges that show red flags, with the idea that they will be recovered. This is definitely not the case. Not your keys, Not your coins is something everyone should still have in their minds when transacting, trading and storing any cryptocurrency.

I agree with you about risk of centralized exchanges if people store their cryptocurrencies on those platforms.

They must read and watch these ones
Reminder: do not keep your money in online accounts
Bitcoin Q&A: Not your Keys, Not your Coins

The reality is that most exchanges are gone and will never come back, however it is curiosity that leads to think that if Mt. Gox can lead to the recovery of such a large portion of lost funds, maybe the recovery of others will follow suit. Mt. Gox is a very strong precedent that might enable a backlog of investigations and recoveries at the end of the day...It's entirely possible at any point following the success of the Mt. Gox recovery (possible doesn't mean that it will happen though, it just means that the precedent could enable this).

Exchanges are dead for years and can have money to pay their past customers are very rare. Honestly, if I am a victim of Mt.Gox and receive compensation from them this way, I would feel very sadly and disappointed, first about myself to make mistake by storing bitcoin on Mt.Gox. Second, it will like another unnecessary scratch on my wound which I forgot for years.

$200 or $1000 is big money but if receiving it causes me to regret that if I had not made that mistake, I would be a billionaire now, it is very painful.

[larry_vw_1955]

Well it would have 100x better if they had just held the bitcoin they had from almost 10 years ago just imagine how much it would have cost now if they still have everything every coin they bought for a much lesser price

except almost none of them would have done that. they would have sold when it hit 2x or 3x. so mt gox did them a favor in hindsight. 90% of them anyway.

i mean of course they are getting refunded but they are most likely not gonna receive the same exact amount of bitcoin they used to have or something of an equivalent to that it is regrettable but i guess it is still better than nothing

if they get a 20% of their btc then they should be very happy that they accidentally got into a situation that gave them no choice but to hold on for a bigger profit. 

[adaseb]

I didn’t realize they were getting payments in fiat. I assumed they got paid long ago after they sold BTC on 2018 when the exchange was solvent again.

I was expecting they would get a fair share of the remaining BTC and they would start moving those bitcoins from the trustees into peoples actual bitcoin wallets.

Anyone know when those actual bitcoins will be distributed?

[larry_vw_1955]

Anyone know when those actual bitcoins will be distributed?

they're saying now before Oct 31, 2024 but I wouldn't be suprised if they come up with a reason why it needs to be pushed back further.

if they keep sending out double payments via paypal, some people might not get anything. 
https://gizmodo.com/mt-gox-victims-report-double-repayments-from-2014-bitc-1851124760

Victims are finally starting to get their money back on Tuesday, nearly 10 years later. However, some are reporting Mt. Gox accidentally sent “double payments” and the trustees are asking for some of it back.

imagine that, you make people wait 10 years to get a partial refund and then you ask for some of it back when it's not the full refund. there's probably nothing they can do either except ask these people to send back the double payment. can't make them do anything.