Mount Gox customers are (finally) getting repaid, Bitcoin drops

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Last Updated on 27 December 2023 by CryptoTips.eu

There is hope for all those who had a customer account with any crypto platform that has ever been hacked (or gone bankrupt because of mismanagement). We informed you this past weekend how Wall Street was buying out FTX’s debtors.

It now appears that the very early Bitcoin investors, the customers of the legendary Mount Gox, are also being repaid after the hack of, wait for it, 2014.

Customers lost about 850,000 Bitcoins at that time, which at today’s price would be worth about 35 to 36 billion dollars.

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Reddit

For those who don’t know the legendary story of Mt Gox, I prefer to summarize it in this way: if the world of crypto were the bible, then Mt. Gox is the creation story (or Genesis if you will). It was the first major event in the world of crypto, after the creation of Bitcoin itself of course.

Mt. Gox (or Mount Gox) was the first major crypto exchange to allow Bitcoin to be traded from 2011 onwards. The exchange was based in Tokyo and at its peak traded almost 70% of all Bitcoin in circulation at the time.

The platform was hacked in 2014 and subsequently closed. Anyone who had a customer account could file a claim that would be heard by the courts in Japan. They took their sweet time and have now, almost ten years after the hack, decided to pay out part of the funds (i.e. the Bitcoins that were recovered).

The news was welcomed yesterday on the Reddit subforum of the Mt Gox creditors who showed screenshots of their payments.

Several of them confirmed that they had received payment in Japanese Yen via the PayPal platform. Next up is payment in Bitcoin.

Bitcoin

Hopeful for all those who still have a debt claim with FTX. Although you can hope that you don’t have to wait ten years for that.

When the news did the rounds on social media, the price of Bitcoin started dropping as a result, mostly because several billions are likely to be paid out. However, I do expect Whales to swoop in as soon as certain support levels are touched upon.

At the time of writing, Bitcoin is being traded for $42,600.

Primakov / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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