Long-defunct cryptocurrency exchange Mt. Gox is reemerging from the dustbin of cryptocurrency history, with sporadic reports that its custodians have begun verifying creditors’ Bitcoin addresses for repayment. However, this move, which was mentioned during the compensation process for those affected by the exchange collapse 20 years ago, is having an impact on the cryptocurrency market today.
“The recovery trustee has shared your details with a cryptocurrency exchange or custodian,” the email sent to former Mt.Gox users read. “We anticipate that in the future exchanges will accept agency receipt subscriptions as indicated in their system. Receive repayment in BTC/BCH as your agent.”
If true, this means that the civil rehabilitation plan approved by the Tokyo District Court in 2018 has made difficult progress.
Formerly the world’s largest cryptocurrency exchange, Mt. Gox suddenly ceased operations and declared bankruptcy after a massive hack resulted in the loss of 750,000 Bitcoin and 10,000 BTC of exchange exclusive funds. Bitcoin, which recorded the equivalent of a loss of $63.6 million a decade ago, would be worth nearly $30 billion today.
Social media platforms, particularly Reddit and the r/MtGoxInsovency subreddit, were abuzz with reports from self-identified users. Some shared screenshots saying they had received money into their bank accounts, while others were told to complete missing steps in the repayment process.
“I just got paid,” one post read. “I am a three-digit creditor living in Japan,” he said, highlighting the global influence of this saga.
Platforms that track funds attributed to Mt.Gox have not disclosed any major BTC dumps so far.
The ripple effect of the reenactment of the Mt. Gox incident is having a visible impact on the cryptocurrency industry. In fact, previously Mt. Whenever rumors spread that there is a move from Gox to fulfill its obligations, the price of Bitcoin falls victim to FUD, and today was no exception.
The price of Bitcoin fell below $40,000 for the first time since early December just as rumors spread about the redemption process.
As the cryptocurrency world closely monitors these events, the creditor repayment schedule, which was recently extended to October 2024, continues to weigh on market sentiment and effectively cancels out the surge that occurred following the approval of the Bitcoin ETF.
A self-identified former Mt. Gox customers are not yet in Mt. Gox did not respond to a request for comment. decryption.
Edited by Ryan Ozawa.
