Mt. Gox Trustee Advances With Bitcoin Repayments

Mt. Gox Trustee are progressing on Bitcoin reimbursements by reaching out to creditors for identity verification by sending emails.

The trustee of the hacked cryptocurrency exchange, Mt. Gox, has reached out to creditors to verify their identities and the existence of their accounts, as reported.

This indicates that My. Gox trustee are making progress on Bitcoin reimbursements. Many creditors of Mt. Gox have reported getting new emails from the cryptocurrency exchange.

The emails provide information on completing identity verification for cryptocurrency exchange accounts that will be used to repay Bitcoin and Bitcoin Cash.

One of these emails, published on the insolvency hub of Mt. Gox Trustee on Reddit on January 22, stated that a cryptocurrency exchange referenced in the user’s rehabilitation claim had validated the account ownership with the Mt. Gox.

The email specifically anticipates that the exchange will accept the user’s membership to the agency receipt to obtain payback in Bitcoin or Bitcoin Cash.

The email stated, “Please take note that if your account is disabled or frozen, you may not be able to receive repayment in Bitcoin or Bitcoin Cash in the future.”

Several users on Reddit have publicly acknowledged that they have received an email of this nature from Mt. Gox Trustee with the majority of these confirmations coming from the Bitstamp exchange.

Certain Kraken users have also reported that they have gotten the confirmation email, whereas most Kraken users have stated that they have not yet received the email.

Many exchanges taking part in the reimbursements have informed their users that they will continue to provide services to consumers associated with Mt. Gox in specific cuntries, although they have left certain jurisdictions.

In an email, it reveals that Bitstamp will continue to provide services to local accounts engaged in the Mt. Gox Trustee settlement. Bitstamp announced on January 4, 2024, that it will be closing its operations in Canada.

According to the email, Bitstamp will keep these specific accounts open until all due funds from Mt. Gox are completely refunded to you. In addition, the email states that the Mt. Gox trustee is sending out fresh Mt. Gox emails while moving forward with bank account repayments.

“Please note that your account is currently limited to only withdrawal functions. All other services, including deposits and trading, are no longer available.”

Late in December 2023, the first details regarding the repayment of Mt. Gox emerged, revealing that certain creditors had received double payments. Mt. Gox established itself as the largest Bitcoin exchange in the world in 2010.

Before its collapse, it was believed to be responsible for facilitating approximately 70 percent of all Bitcoin transactions. A security breach occurred in 2014, resulting in the loss of 850,000 BTC by the exchange, making it one of the largest cryptocurrency bankruptcies in history.

Mt. Gox is anticipated to reimburse its creditors a total of 69 billion Japanese yen, equivalent to $510 million, by October 2024, along with repayments of 142,000 Bitcoin and 143,000 in the split cryptocurrency known as Bitcoin Cash.