Mt. Gox Creditors Offered Fresh Hope with Web 3.0

Mt. Gox Creditors to Receive Repayments in 2023

Creditors of the now-defunct Mt. Gox Bitcoin (BTC) exchange, which lost 850,000 BTC to a hack in 2014, have reportedly been sent an email by Nobuaki Kobayashi, the trustee overseeing the Mt. Gox estate, hinting at soon-to-come repayments. According to the email, the first repayments to creditors in cash will commence in 2023, with the trustee expecting to continue the repayments in 2024. The exact timing of repayments to individual rehabilitation creditors has yet to be specified.

The news comes as the Mt. Gox trustee released an announcement on the redemption of trust assets on Nov. 22. The document reveals that the rehabilitation trustee has received the redemption of 7 billion Japanese yen ($47 million) to fund the repayment of the claims, with the trust assets after such redemption amounting to 8.8 billion yen, or roughly $59 million.

The Mt. Gox saga has sparked a flurry of discussion on web 3.0 forums such as Reddit, with many asking how they can invest in web 3.0 or make money from it. Other users have been debating the history of web 1.0, 2.0 and 3.0, as well as the role of the metaverse in web 3.0. Some have even gone as far as creating their own web 3.0 websites.

Mt. Gox Rehabilitation Progress

The Mt. Gox trustee has announced that preparations are underway for base repayment, early lump-sum repayment, and intermediate repayment. This news has been met with cautiously promising reactions in the web 3.0 Reddit community, with many expecting to make money through web 3.0 and be returned big amounts of Bitcoin.

The latest Mt. Gox events have triggered many reactions in the community, with many commentators noting that the new email from the Mt. Gox trustee sounds “cautiously promising” and interpreting it as “finally happening.”

Some Mt. Gox rehabilitation watchers also noted that the new email only referred to cash payments, while many Mt. Gox hack victims expect to be returned big amounts of Bitcoin.

“I think most creditors understand that one follows the other, and a cash payment after ten years is progress,” one Reddit user responded.

The history of web 1.0, 2.0, and 3.0 has been a long journey, and with the latest developments in Mt. Gox, it appears that web 3.0 has finally started.

The SEC and Kraken’s Involvement in Mt. Gox Repayment

The United States Securities and Exchange Commission (SEC) sued Kraken on Nov. 21, leading some Mt. Gox community members to express their concerns that Kraken could collapse before repaying the victims of the Mt. Gox hack. “Imagine Kraken collapses just before receiving Mt. Gox coins. Another ten years,” one Redditor wrote.

Despite the excitement of many about the recent developments, some remained skeptical about the repayment due to the long history of delays. Initially, the Mt. Gox trustee was expected to complete the repayment by October 2023, but this was later extended to October 2024.

Investing in Web 3.0

The advent of Web 3.0 has made it possible for people to invest in a variety of new technologies, including the metaverse. Redditors have been discussing the potential of Web 3.0 and how to make money from it. Additionally, there is a wealth of information available on the history of Web 1.0, Web 2.0, and Web 3.0.

As Web 3.0 continues to develop, it is important to stay informed on the latest advancements and how to make the most of the new opportunities it presents. Social media platforms, such as Reddit, are a great place to start learning more about Web 3.0 and its potential.