After launching bank repayments in December 2023, the Mt. Gox trustee is getting ready to start repayments of BTC and BCH on Bitstamp and Kraken accounts.
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The trustee of the hacked cryptocurrency exchange, Mt. Gox, is inching toward Bitcoin (BTC) repayments as it reportedly reached out to creditors to confirm their identity and the existence of their accounts.
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 (BCH).
One such email, posted on Mt. Gox’s insolvency hub on Reddit on Jan. 22, says that a crypto exchange mentioned in the user’s rehabilitation claim has confirmed the account ownership with the trustee. The email says that the exchange is now expected to accept the user’s subscription to the agency receipt to receive repayment in BTC/BCH.
“Please note that you may not be able to receive repayment in BTC/BCH if your account is disabled or frozen in the future,” a rough translation of the email stated.
Several Reddit posters have confirmed receiving such an email from the Mt. Gox trustee, with most confirmations coming from the Bitstamp exchange. A few Kraken users also said they received the confirmation email, while the majority of Kraken users reported not receiving the email yet.
MtGOX BTC distribution is expected to hit the market over the next 2 months, 200K BTC unlock.
This is in addition to 600K + GBTC repricing.
2024 April halving will reduce annual supply by 160k.
Interesting supply dynamics in play in coming months. pic.twitter.com/0ZNC52YbAH
— Mindao (@mindaoyang) January 23, 2024
The new Mt. Gox emails are coming amid the trustee moving forward with bank account repayments. The first Mt. Gox repayment reports surfaced in late December 2023, with some creditors receiving double payments.
Founded in 2010, Mt. Gox was once the biggest Bitcoin exchange in the world, estimated to facilitate around 70% of all BTC transactions before its implosion. The exchange lost 850,000 BTC in a security breach in 2014, becoming one of the biggest crypto bankruptcies ever.
Mt. Gox is expected to repay its creditors 142,000 Bitcoin and 143,000 in the forked cryptocurrency, Bitcoin Cash, in addition to 69 billion Japanese yen ($510 million) by October 2024.