Mt. Gox Moves Seemingly Closer to Bitcoin Repayments For 2014 Hack Victims

Jamie Crawley

23 January 2024 at 11:01 am·1-min read

Mt. Gox's repayment of customers who lost a combined 850,000 BTC – now valued at $33 billion – during its hack of 2014 appear to be progressing.

Some former customers of the crypto exchange have reported receiving an email asking for confirmation of identity and account details on the mtgoxinsolvency subreddit group.

The e-mails confirm the recipients will receive payment in bitcoin or bitcoin cash (BCH) to their account with the crypto exchange which they had previously nominated.

Mt. Gox was launched in 2010 and was the world's biggest crypto exchange at the time of the hack in 2014. It was ultimately able to recover around 20% of the stolen funds. In December, some customers reported receiving payouts in yen to their Paypal accounts.

The repayment could see some impact on BTC prices due to the sheer volume of coins being released, particularly should it coincide with acceleration of inflows to exchange-traded funds (ETFs) and the bitcoin halving in April.

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