Mt. Gox Nears Bitcoin Repayment for 2014 Hack Victims

• Mt. Gox Progressing Towards Repayment of Customers Following 2014 Hack
• Verification Process Underway
• About Mt. Gox
• Impact on BTC Prices

Mt. Gox Progressing Towards Repayment of Customers Following 2014 Hack

The infamous Mt. Gox hack, which occurred in 2014, resulted in the loss of a combined 850,000 BTC. This amount is currently valued at around $33 billion. Recent reports suggest that the repayment process for the loss is now making headway.

Verification Process Underway

Former clients of the cryptocurrency exchange have claimed to receive emails asking for verification of their identity and account details. These reports surfaced on the mtgoxinsolvency subreddit group. The received emails have confirmed that the recipients will receive their repayment in either bitcoin or bitcoin cash (BCH). The payment will be directed to their previously nominated account with the crypto exchange.

About Mt. Gox

Mt. Gox was established in 2010 and quickly rose to become the largest cryptocurrency exchange globally by the time of the 2014 hack. It was able to recover approximately 20% of the stolen funds. In December, a few customers reported receiving reimbursements in yen to their Paypal accounts.

Impact on BTC Prices

The repayment process could potentially influence BTC prices due to the massive volume of coins being disbursed. This could be particularly significant if it happens to coincide with increased inflows to exchange-traded funds (ETFs) and the anticipated bitcoin halving event in April.

Edited by Jonathan Stoker