Failed cryptocurrency exchange Mt. Gox has agreed to pay back customers who lost a total of 850,000 BTC (equivalent to $33 billion at current prices) in a 2014 hack. It looks like it’s progressing.
Some former Mt. Gox customers have reported receiving emails on the mtgoxinsolvency subgroup of the popular posting site Reddit asking them to confirm their identity and account details.
The email confirms that the recipient will receive the payment in Bitcoin (BTC) or Bitcoin Cash (BCH) into their pre-designated cryptocurrency exchange account.
Mt.Gox was founded in 2010 and was the world’s largest cryptocurrency exchange at the time of the 2014 hack. It was ultimately able to recover about 20% of the stolen funds, and in December some customers reported receiving payments in yen to their PayPal accounts.
The repayments could have some impact on Bitcoin prices as a large amount of crypto assets will be released. This is especially true if it coincides with accelerating flows into exchange-traded funds (ETFs) and the Bitcoin halving in April.
｜Translation and editing: Rinan Hayashi
｜Original text: Mt. Gox Moves Seemingly Closer to Bitcoin Repayments For 2014 Hack Victims