Mt. Gox: No bitcoin (BTC), just words!

8 years after the collapse of Mt Gox, following a hack that caused it to lose 850,000 BTC, the victims have not yet received a refund. Until then, only rumors about a possible distribution of bitcoins to these unfortunate investors. Only commemorative NFTs were given to them at the end of March 2022. Too little to think the wound, in fact.

Mt Gox will timely refund

Last Wednesday, Nobuaki Kobayashi, a director of Mt Gox, issued a notice to creditors of the defunct exchange. Driven by the intention to silence rumors about the start of reimbursements for victims of the 2011 hack, he provided details in a file PDF of 3 pages.

Here is an excerpt from the ad:

The Base Repayment Deadline is set by the Rehabilitation Trustee with permission of the Court as the date deemed appropriate for repayment and will be set in due course. »

In said document, no date was mentioned for this reimbursement. However, the trustee of Mt Gox y highlighted the need for submission of applications before September 15. To say that on the same day, Ethereum will switch to Proof-of-Stakethrough a process called “The Merge”.

However, the crypto community on Twitter was in turmoil just after a tweet from The Altcoin Hub dated August 27.

MT GOX will unlock 140k BTC tomorrow . »

Information that Eric Wall, former investment director of Arcane Assets, had contradicted.

PSA: MtGox is *NOT* giving out coins this week, the week after, or the week after.

Source: I am a creditor of MtGox. The reimbursement system is not yet operational.

Next step: Go block @TheAltcoinHub for spreading this false information. »

A broken promise?

Judging by the contents of this Mt. Gox release, there is confusion that will leave investors perplexed. Since the date of August 28 has already been chosen to begin compensation in bitcoins for victims.

A document issued by Kobayashi himself, dated July 6, indeed speaks of a start of reimbursement to creditors at “the end of august“.

Extract from the content of this document:

Following discussions with the court and in accordance with the rehabilitation plan, the trustee plans to set the reference period for the transfer, etc. The restriction reference period is set towards the end of August this year. Until refunds are made in part or in full as initial refunds, this in a safe and secure manner. »

On the blue bird social network, investment adviser Danny Devan had clarified his understanding of this official message from Mt Gox.

“There is so much misinformation circulating on Twitter that we are going to clarify something.

Mt Gox is not going to return the 137,000 bitcoins tomorrow. She starts the repayment process tomorrow so that creditors start receiving their bitcoins. The whole process will take months!

Also, this is only for those who choose the lump sum prepayment, which means they only receive a portion of their bitcoins. Those who wait until the end of the civil rehabilitation period will receive more, that is, in several years.»

According to Cointelegraph, rumors about the handover of 137,000 BTC by Mt Gox have fueled fears of liquidation by former customers of the Japanese exchange. And as a corollary, this added further pressure on the bitcoin price.


Weak liquidity was seen last weekend to the point of exacerbating the “already nervous market“. The rumors surrounding Mt Gox therefore contributed to keeping the price of BTC below the $20,000 support. Nevertheless, at this time, a correction has been made since the price of “King of Cryptois trading at 20,126.32 at the time of writing.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential!

Similar Posts