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Mt. Gox Confirms Ownership of Accounts for Reparations to Creditors

Mt. Gox confirms creditors’ Bitcoin addresses for repayment

Mt. Gox has confirmed ownership of accounts to creditors affected by the historic 2014 hack.

After initiating bank repayments in December 2023, the trustee is now preparing to initiate payments in Bitcoin (BTC) and Bitcoin Cash (BCH) into Bitstamp and Kraken accounts.

In the email, those affected were notified that the trustee shared their data, including account information registered in the MTGOX Online Claim Submission System, with cryptocurrency exchanges or custodians (the “Exchange”).

These exchanges confirmed account ownership and completion of identity verification.

It is expected that in the future, exchanges will accept the subscription of an agency receipt indicated in the system to receive payment in BTC/BCH as the agent of the affected party.

Subsequently, an agency receipt agreement will be signed between the affected party and the exchange, and will be notified by email when this agreement has been established.

The statement warns that, in the event that the account is disabled or frozen in the future, the affected person may not be able to receive the refund in BTC/BCH.

Within the framework of these events, several Reddit users have confirmed receipt of these emails, most of them coming from the Bitstamp platform.

Some Kraken users reported receiving the Mt. Gox confirmation email, although most are still waiting

Additionally, some of these exchanges have informed their users that they will continue to serve Mt. Gox-related clients in certain countries, even after leaving those jurisdictions.

Mt. Gox Confirms Ownership of Accounts for Reparations to Creditors

Bitstamp, for example, closed operations in Canada on January 4, 2024, but will keep local accounts involved in the Mt. Gox deal open until all funds owed are fully repaid, limiting certain account functions.

It should be noted that this refund process occurs in parallel with the liquidator’s bank refund initiative.

The first reports of refunds from Mt. Gox emerged in late December 2023, some of which reported duplicate payments.

Mt. Gox, at its peak in 2010, was the largest Bitcoin exchange in the world, facilitating approximately 70% of all BTC transactions.

However, in 2014 it suffered an attack that resulted in the loss of 850,000 BTC, making it one of the most significant bankruptcies in cryptocurrency history.

Mt. Gox is expected to repay its creditors 142,000 Bitcoin and 143,000 Bitcoin Cash, in addition to 69 billion Japanese yen (approximately $510 million) by October 2024.

This process represents a crucial step on the path toward compensation for those affected by the infamous Mt. Gox hack.

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