May 29, 2024
Mt. Gox Verifies Creditors for Bitcoin Repayment
Latest Cryptocurrency News

Mt. Gox Verifies Creditors for Bitcoin Repayment

The trustee overseeing the aftermath of the Mt. Gox cryptocurrency exchange hack is making progress in the repayment of Bitcoin (BTC), reaching out to creditors for identity verification and account confirmation. The current BTC ticker stands at $39,184.

Reports indicate that Mt. Gox creditors have received emails regarding the completion of identity verification for crypto exchange accounts, which will be utilized for the repayment of both Bitcoin and Bitcoin Cash (BCH). The current BCH ticker is $228.

A shared email on Mt. Gox’s insolvency hub on Reddit, dated January 22, reveals that a crypto exchange referenced in the user’s rehabilitation claim has confirmed account ownership with the trustee. This exchange is now expected to accept the user’s subscription to the agency receipt for receiving repayment in BTC/BCH.

The email emphasizes that future repayment in BTC/BCH may not be possible if the account is disabled or frozen, as roughly translated from the email: “Please note that you may not be able to receive repayment in BTC/BCH if your account is disabled or frozen in the future.”

Several Reddit users have confirmed receiving similar emails, with most confirmations originating from the Bitstamp exchange. Some Kraken users also reported receiving confirmation emails, while others have not received them yet.

These developments in Mt. Gox’s communication coincide with the trustee’s progression in bank account repayments. Initial reports on Mt. Gox repayments emerged in late December 2023, revealing instances of creditors receiving double payments.

Mt. Gox, once the world’s largest Bitcoin exchange, suffered a severe setback in 2014 when it lost 850,000 BTC in a security breach, marking one of the largest crypto bankruptcies to date. The exchange, which played a pivotal role in approximately 70% of all BTC transactions, is now on track to repay its creditors 142,000 Bitcoin and 143,000 Bitcoin Cash, alongside 69 billion Japanese yen ($510 million) by October 2024.

Image by on Freepik

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