Bitcoin Cash

Reddit

2024

Bitcoin

April

The trustee of the hacked cryptocurrency exchange, Mt. Gox, has taken steps toward repaying creditors as it reaches out to confirm their identities and account existence. Reports indicate that Mt. Gox creditors have been receiving emails regarding the completion of identity verification for crypto exchange accounts designated for Bitcoin and Bitcoin Cash repayments. 
One such email, <a href="https://www.reddit.com/r/mtgoxinsolvency/comments/19ck51n/important_mtgox_confirmation_of_account_ownership/" rel="nofollow noopener" target="_blank">shared</a> on Reddit’s Mt. Gox insolvency hub, mentions that a crypto exchange linked to the user’s rehabilitation claim has verified account ownership with the trustee. This verification allows users to subscribe to the agency receipt for repayment in BTC/BCH. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 MtGOX BTC distribution is expected to hit the market over the next 2 months, 200K BTC unlock. 
 This is in addition to 600K + GBTC repricing. 
 2024 April halving will reduce annual supply by 160k. 
 Interesting supply dynamics in play in coming months. <a href="https://t.co/0ZNC52YbAH" rel="nofollow" target="_blank">pic.twitter.com/0ZNC52YbAH</a> 
 — Mindao (@mindaoyang) <a href="https://twitter.com/mindaoyang/status/1749607594224980293?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">January 23, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
However, the email also warns that accounts that are disabled or frozen may not be eligible to receive repayment in BTC/BCH in the future. 
Numerous Reddit users have confirmed receiving these emails, with Bitstamp and Kraken being the primary exchanges mentioned. Some exchanges have indicated that they will continue servicing Mt. Gox-related customers in certain countries, even if they have left those jurisdictions. For example, Bitstamp plans to keep specific accounts open until all funds from Mt. Gox are fully refunded, albeit with limited functionality. 
This development comes as the Mt. Gox trustee progresses with bank account repayments. Reports of Mt. Gox repayments began to surface in late December 2023, with some creditors receiving double payments. 
Founded in 2010, Mt. Gox was once the largest Bitcoin exchange globally, facilitating around 70% of all BTC transactions before a massive security breach in 2014 resulted in the loss of 850,000 BTC. This incident led to one of the most significant crypto bankruptcies in history. <a href="https://crypto.ro/en/news/mt-goxs-rehabilitation-trustee-outlines-next-steps-in-repayment-plan-for-creditors/">Mt. Gox is now expected</a> to repay creditors 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen ($510 million) by October 2024.

Mt. Gox trustee moves closer to Bitcoin repayments

crypto.ro global

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