Long-running cryptocurrency Met Gox is re-emerging from the dustbin of crypto history, with leaked reports suggesting that its custodians have begun verifying borrowers' Bitcoin addresses to make payments. This resurgence in compensation for those affected by the exchange's debacle a decade ago is, however, affecting the crypto market today.
“The Trustee of the Establishment has shared your details with the Secret Exchange or the Custodian,” he told the former Mt. Gox users will read the email sent. “In the future, the exchange is expected to accept your registration of the agency receipt shown on the system. To receive payment in BTC/BCH as your agent.”
Source: u/erlichisapig on r/mtgoxinsolvency on Reddit
If true, this would represent a hard-won development in the civil rehabilitation plan approved by the Tokyo District Court in 2018.
Mt. Gox – formerly the world's largest cryptocurrency exchange – has abruptly ceased operations and declared bankruptcy following a massive hack that resulted in the loss of 750,000 Bitcoin and 10,000 BTC of the exchange's proprietary funds. Recorded the equivalent of a $63.6 million loss a decade ago, that Bitcoin would be worth nearly $30 billion today.
Social media platforms, particularly Reddit and its r/MtGoxInsovency subreddit, have been flooded with reports from self-identified users. Some shared screenshots of what they claimed were deposits in their bank accounts, while others received instructions to complete missing steps in the payment process.
“I'm a triple-digit lender living in Japan,” one posted, “I just got paid,” showing the saga's global impact.
Image: u/koheisan via r/mtgoxinsolvency on Reddit
Forums that track the funds given to Mt.Gox have not shown any major BTC dumps – so far.
Source: Coinglass
The Mt. Gox's potential wake-up call, the ripple effects are having a tangible impact on the cryptocurrency industry. Indeed, every time rumors spread that there was some movement from Mt.Gox to meet its obligations, Bitcoin's price crashed on FUD – and today was no different.
For the first time since the beginning of December, the price of Bitcoin fell below 40,000 dollars, which was associated with the rumors about the payment process.
Image: Tradingview
As the cryptocurrency world watches these events closely, the extended timeline for payment of creditors—which was pushed back to October 2024 from the latest extension—will continue to weigh on market sentiment, effectively canceling the surge that followed the approval of the Bitcoin ETF.
Self-proclaimed former Mt. Gox customers have yet to respond to a request for comment from Decrypt.
Edited by Ryan Ozawa.
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