Mt. Gox Takes One More Step Toward Reimbursing Creditors

January 23, 2024 8:28 am Comments

The now-defunct Mt. Gox exchange has reportedly taken a landmark step to reimburse creditors of the former platform.

According to reports, Mt. Gox has started the process of creditor verification and will reportedly dump 200,000 Bitcoin over the next 60 days as part of the reimbursement plan.

Mt. Gox suffered an infamous hack in 2014 that saw 850,000 Bitcoin stolen from the platform; today those coins are worth a whopping $34 billion.

Although Mt. Gox’s story is far from unique, the former exchange has earned a special place in crypto history due to its outstanding debt with creditors that has persisted for nearly 10 years at the time of this writing.

Some sources are reporting that select creditors have already started receiving reimbursement payments from the defunct exchange. Simply Bitcoin and others shared the widespread reports of creditor verification by the former exchange.

Coin Telegraph confirmed:

Numerous Mt. Gox creditors reported receiving new emails from Mt. Gox about the completion of identity verification for crypto exchange accounts that are set to be used to repay Bitcoin and Bitcoin Cash.

Trader Alex Wice jokingly remarked: “With all the unlocks like GBTC, Mt. Gox, Silk Road, Fax, etc. at this rate satoshi might move a coin lmao. Meanwhile, at the wheel we have some laser eye maxis and the uhh, crapshoot wizards? Yikes, not looking good gents.”

Gizmodo previously reported that the reimbursement program was not without its troubles:

The victims of the Mt. Gox hack can’t catch a break. The email from Mt. Gox says some users received two identical payments, the first was the official repayment, while the second was an error, which the trustees would like to be sent back.

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