The creditors of the defunct cryptocurrency exchange Mt. Gox have reportedly begun to receive payments of their claims ten years after the platform collapsed due to insolvency. According to several posts and comments on Reddit, creditors who chose PayPal as their preferred mode of payment have started receiving their Bitcoin (BTC) and Bitcoin Cash (BCH)...Read More
Mt. Gox intends to initiate cash repayments to creditors soon, almost a decade after it ceased operations. In an email to its creditors today, the defunct Bitcoin exchange revealed that the rehabilitation trustee is actively working towards commencing cash repayments in the course of the 2023 calendar year. Due to the substantial number of rehabilitation...Read More
In an ongoing saga that has gripped the cryptocurrency world for almost a decade, Nobuaki Kobayashi, the trustee overseeing the bankruptcy proceedings of Mt. Gox, just recently announced a one-year deadline extension for repaying creditors. According to a court document released on Sept. 21, Kobayashi outlined his hopes that repayments to creditors who have actively...Read More
After over a decade, the Department of Justice (DOJ) has tracked down and charged the hackers who stole hundreds of thousands of Bitcoin from the defunct crypto exchange giant Mt. Gox. The primary criminals identified are Russian nationals Alexey Bilyuchenko (43) and Aleksandr Verner (29). Mt Gox Hackers Found As stated by the DOJ in...Read More
The largest creditors of bankrupt cryptocurrency exchange Mt. Gox have chosen a payment option that will allow them to receive a lump sum of their recovery payout in bitcoins rather than fiat. The creditors, now-defunct crypto exchange Bitcoinica and Mt Gox Investment Fund (MGIF), collectively represent about one-fifth of the bankruptcy claims. Gox Biggest Creditors...Read More
Creditors of the defunct cryptocurrency exchange Mt. Gox have received more time to select and register how they wish to receive compensation from the company. According to a document from the exchange’s trustee Nobuaki Kobayashi, the registration deadline, which was previously set as January 10, 2023, has been extended to March 10 (Japan time) after...Read More
A crypto wallet attributed to the failed BTC-e linked to the 2014 Mt. Gox hack moved 10,000 Bitcoin, now worth over $165 million, to a group of personal wallets, exchanges, and other services on November 23rd. A report by Chainalysis suggested that the funds’ movement marks the largest withdrawal by the Russia-focused cryptocurrency exchange –...Read More
On Nov. 24, analytics firm Chainalysis made the Mt.Gox comparison as it was not the first time the crypto world has been shaken due to an exchange demise. Mt.Gox was the first Bitcoin exchange, but it collapsed in February 2014. Crypto survived and thrived, and it will do so again despite all the mainstream media...Read More
Mt. Gox creditors could be one step closer to reclaiming their funds after nearly a decade of waiting. This is as the Rehabilitation Trustee has released a deadline for them to select their preferred repayment method. Nobuaki Kobayashi, the man in charge of the Mt. Gox rehabilitation process, published a new update for creditors on...Read More
Eric Wall, a creditor of Mt. Gox, confirmed that new reports swirling that 137,000 BTC sent to creditors would soon be dumped on the market are false. In a recent Twitter thread, Wall said the repayment system is not live yet. While addressing the rumors floating around across social media channels, the former CIO at...Read More
Failed cryptocurrency exchange Mt. Gox has provided an update on its repayment procedures under its creditor rehabilitation plan. The exchange states that the “Rehabilitation Trustee” – Nobuaki Kobayashi – is preparing to make his repayments in line with the exchange’s approved rehabilitation plan. Kobayashi published an accompanying report related to both repayment procedures and his...Read More
The trustee responsible for handling the Mt. Gox hack and the victims’ claims has updated that the rehabilitation plan was approved by the majority of creditors. Consequently, the creditors could receive roughly $9 billion in BTC by the end of the year. Mt. Gox was once the biggest cryptocurrency exchange responsible for 70% of the...Read More
Nearly $5 billion in bitcoin could make their way back to Mt. Gox users following a deal between creditors and CoinLab. Nevertheless, the agreement is still reportedly subject to creditor acceptance. Bloomberg reporter Matt Leising offered a brief explanation of the story earlier today, noting that CoinLab has reached a deal with Mt. Gox creditors...Read More
The long wait for the victims of the Mt. Gox hack might find respite in the coming days as the trustee has finally submitted the draft rehabilitation plan. According to an official announcement, Nobuaki Kobayashi has filed a draft rehabilitation plan to compensate users who fell victim to hacks suffered by the exchange. As per...Read More
Mt. Gox users fallen victim to an infamous hack in 2014 are closer to receive reimbursement as the debunked exchange’s trustee finally filed a draft rehabilitation plan. The Tokyo District Court and an examiner will now review the proposal and determine the following steps. CryptoPotato reported in October that the Tokyo District Court had issued...Read More
Another week passed on the cryptocurrency market, and it surely wasn’t a boring one. The cryptocurrency started off strong, causing many to believe that it might finally breach the coveted $12,000 mark. However, the excitement was short-lived because, just today, news broke out that the founder of OKEx, one of the primary cryptocurrency exchanges, has...Read More
According to an announcement released earlier today, the Mt. Gox rehabilitation plan that was scheduled for submission on 15 October has now been postponed to 15 December 2020. Source: mtgox.com The deadline was pushed after the Rehabilitation Trustee filed a motion to seek an extension of the submission deadline of the rehabilitation plan, following which,...Read More
September was an eventful month for the crypto-market, to say the least, with the month seeing a major crypto-exchange hack among a host of other developments. However, despite the quarter ending as it did, Bitcoin did witness its second-best Q3 close in history. $150M drained from KuCoin: BTC down 1% BitMEX charged by DOJ, CTO...Read More
A Japanese high court upheld the Tokyo-based lower court’s decision to reject the former Mt Gox CEO’s appeal. Mark Karpeles was arrested in 2015 and accused of “manipulating electronic data” and managed to duck embezzlement charges. The former boss of Mt Gox, Mark Karpeles, now has to face the music for his prior “manipulating electronic...Read More
The Supreme Administrative Court of Greece has suspended a decision to extradite the alleged BTC-e operator Alexander Vinnik. The temporary measure has been imposed to allow the review of an appeal against the extradition. The Russian national, accused of laundering billions of dollars through the now defunct cryptocurrency exchange, started a new hunger strike last...Read More
According to reports, the New York-based private equity firm Fortress is offering Mt Gox creditor claims at $778 per coin. The offer is 13.5% lower than what Fortress offered in July and Mt Gox claimants have until December 31 to accept the offer. Also read: Reports Criticize Bitcoin SV Miners and the Chain’s Upcoming Fork...Read More
Over the last 24 hours, cryptocurrency enthusiasts have been discussing a transaction that saw 94,000 BTC sent to an unknown wallet. The hoopla over the large transaction shows how things have changed significantly over the last decade. Back in cryptocurrency’s early days, between 2010-2012, large bitcoin transactions like this weren’t such a big deal and...Read More
The cryptocurrency ecosystem isn’t averse to cases of serious financial crimes, including hacks which have often plagued cryptocurrency exchanges around the world. One of the largest hacks in the crypto-ecosystem was recorded by Mt.Gox exchange back in 2014, with the exchange losing over $450 million worth of digital assets. However, the Mt. Gox episode was...Read More
No one remembers the first Mt. Gox hack. It was a small sum, even by 2011’s standards, and the exchange reimbursed all users. The incident was to prove significant, however, for it set in motion a string of attacks on other bitcoin platforms that began the very next day. By the time the dust had...Read More
