Mt. Gox To Begin Bitcoin Repayments Starting in July

[ABCbits]

Mt. Gox To Begin Bitcoin Repayments Starting in July

The now-defunct Bitcoin exchange Mt. Gox has announced it will commence the distribution of assets stolen from clients during a 2014 hack starting in July, following years of delayed deadlines.

In a statement posted on the Mt. Gox website today, trustee Nobuaki Kobayashi said, "the Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan."... Read more here.


I only can mention phrase "Better late than never". After all, it's been more than 10 years since the hacked happened. Your opinion is greatly appreciated.

[Lucius]

I just hope that this whole thing will be finished by the end of this year, but I wouldn't be surprised if it takes longer, considering that the people working on it are world champions in procrastination. If there isn't already a saying that could be considered as some kind of curse when it comes to CEXs and hacking, I will write like this: "let your BTC that is on CEX in Japan be hacked".

[ABCbits]

I just hope that this whole thing will be finished by the end of this year, but I wouldn't be surprised if it takes longer, considering that the people working on it are world champions in procrastination.

The news also state there are approximately 127000 creditors with various background. So i agree it wouldn't be surprised if it's not finished by then.

[Yamane_Keto]

a few months ago I remember many were expecting the distribution to begin in December, or by June many would receive part of their money, but I do not think this case will be closed soon.

[Gurujebs]

I only can mention phrase "Better late than never". After all, it's been more than 10 years since the hacked happened. Your opinion is greatly appreciated.

How many times has Mt. Gox made this announcement public? I have seen this announced like three times and knowing that Bitcoin correction was due then I see this as bear signal to dump the price of Bitcoin, they would have done it and pay the affected customers that have submitted there names on the listed but they never paid anyone so far, just noises.

If they later paid Bitcoin instead of the amount to affected people, I strongly believe there is going to be more people that will hold than the people that will sell their coins because they have seen Bitcoin transition into been a digital gold they never even imagined in those years.

[God Of Thunder]

I only can mention phrase "Better late than never". After all, it's been more than 10 years since the hacked happened. Your opinion is greatly appreciated.

I don't know what will be happened but I have been hearing this shit since I have been in the crypto space. So, yeah it is too old incident when I wasn't even aware of cryptocurrency. I have heard a lot of people eagerly waiting to see the end of this drama so they can get their funds back.

I don't know if they are going to get a full refund or not, but I hope this drama ends so quickly. I am sure the market will have some downmovement when mt gox users start to dump their Bitcoins. But still, I want to get it solved as soon as possible.

[dkbit98]

I think we could expect bitcoin price correction when Mt.Gox repayments officially start, so this can turn out to be very turbulent end of the year 2024 for bitcoin and all other markets.
Mt.Gox customers who waited all this years to receive their Bitcoin should be happy, but total of 141,686 BTC is not a small amount at all.

[Captain Corporate]

First of all, I think it will not be all of them selling all at once, some of them will definitely keep their coins, or at least keep some of their coins while selling some others. Secondly, there are so many whales who would be willing to buy in bulk, which would mean it won't be that much of a trouble there. And lastly, it may crash very hard, and I mean like seriously hard, to under 40k or even maybe under 30k levels if its too quick, which I do not think I care, why? Because we are going to do a lot better, and that means we will have a chance to buy low, and do a lot better on the long run as well.

[target]

I think we could expect bitcoin price correction when Mt.Gox repayments officially start, so this can turn out to be very turbulent end of the year 2024 for bitcoin and all other markets.
Mt.Gox customers who waited all this years to receive their Bitcoin should be happy, but total of 141,686 BTC is not a small amount at all.

While Mtgox hasnt officially send a coin, I think there is a change they won't do it and all these news are just making the market panic.

The MtGox users will definite be grateful for this but I'm still thinking they won't be sending any coins.  They would have done it a long time ago when the price was low.

[Zed0X]

I think we could expect bitcoin price correction when Mt.Gox repayments officially start, so this can turn out to be very turbulent end of the year 2024 for bitcoin and all other markets.

That's the speculation going around lately. Personally, I think the effect of the news started already. Some of the big holders might have anticipated the release of this information and started dumping early while the rest are still thinking.

[ABCbits]

I don't know if they are going to get a full refund or not, but I hope this drama ends so quickly. I am sure the market will have some downmovement when mt gox users start to dump their Bitcoins. But still, I want to get it solved as soon as possible.

Comparing anticipated amount of the reimbursements (stated on the news) and total Bitcoin hacked (I recall it's more than 700000 Bitcoin), it won't be full refund.

I think we could expect bitcoin price correction when Mt.Gox repayments officially start, so this can turn out to be very turbulent end of the year 2024 for bitcoin and all other markets.
Mt.Gox customers who waited all this years to receive their Bitcoin should be happy, but total of 141,686 BTC is not a small amount at all.

And some news media already speculate recent Bitcoin price drop caused by this announcement.

[God Of Thunder]

Comparing anticipated amount of the reimbursements (stated on the news) and total Bitcoin hacked (I recall it's more than 700000 Bitcoin), it won't be full refund.

Are you sure? Because it's 0.33% of the total Bitcoin supply. Even if they don't get a full refund, it's a huge amount of money. I don't know any details about the refund process and whether they are going to be paid in Bitcoin only or not. But I have heard that they are going to get BCH as well. Not sure if this a authentic news or not. Seems like the news you shared also says that they will get paid in BCH as well. But the Good thing is, that users will get their money back after a long period. I can imagine how eager they are to get their money back. It was lost already.

[dkbit98]

And some news media already speculate recent Bitcoin price drop caused by this announcement.

This was not a significant drop in price but this news certainly had some effects on market and traders always try to make profit in this situation.
I wouldn't be surprised if wee see major price correction in few months, not just because of Mt.Gox but because of the situation in entire world and economy.

US government alone recently sold a bunch of confiscated Bitcoins to Coinbase:
https://platform.arkhamintelligence.com/explorer/entity/usg

[Z-tight]

I only can mention phrase "Better late than never". After all, it's been more than 10 years since the hacked happened. Your opinion is greatly appreciated.

Yeah, better late than never, it has really been a hard lesson to also learn that your funds is only safe in your self custodial wallet, and not in a hot wallet in any exchange. I hope the repayments really starts in July, the creditors have had to wait for a very long time, so no more procrastinations please.

[ABCbits]

Comparing anticipated amount of the reimbursements (stated on the news) and total Bitcoin hacked (I recall it's more than 700000 Bitcoin), it won't be full refund.

Are you sure? Because it's 0.33% of the total Bitcoin supply.
--snip--

I'm sure. I did quick google search and found some old news which state amount of hacked Bitcoin.

Mt. Gox said the exchange, used overwhelmingly by foreigners, had lost 750,000 of its users' bitcoins and 100,000 of its own. At the current bitcoin price of about $565, that would total some $480 million - representing about 7 percent of the estimated global total of bitcoins.

Mt. Gox says it has ¥6.5 billion ($63.9 million) in liabilities with ¥3.84 billion ($37.7 million) of assets at present, and the company has admitted that it has lost a total of 850,000 bitcoins — worth close to $500 million. 750,000 of those belonged to customers, and 100,000 were company assets.

The hacking attack is detailed in a leaked "crisis strategy draft" plan, apparently created by Gox and published Monday by Ryan Selkis, a bitcoin entrepreneur and blogger (see below). According to the document, the exchange is insolvent after losing 744,408 bitcoins -- worth about $350 million at Monday's trading prices.

Each news state slightly different number, but it's definitely more than 700000 Bitcoin.