Friday 02 September 2022 ▪ 9:00 in ▪
5
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8 years after the collapse of Mt Gox, after a hack that caused it to lose 850,000 BTC, the victims have still not received a refund. Until then, there were only rumors about the possible distribution of bitcoins to these unfortunate investors. They were only given commemorative NFTs at the end of March 2022. Too small to think of the wound, really.
Mt Gox will refund in a timely manner
Last Wednesday, Nobuaki Kobayashi, director of Mt Gox, issued a notice to creditors regarding the unconventional exchange. In an effort to silence rumors about the start of refunds for victims of the 2011 hack, he provided details in a 3-page PDF file.
Here is an extract from the announcement:
” The Basic Repayment Deadline is set by the Rehabilitation Trustee with the approval of the Court as the date deemed appropriate for repayment and will be set in good time. »
In that document, no date was mentioned for this repayment. However, the Mt Gox trustee there emphasized the need to submit claims before September 15. To say that on the same day, Ethereum will transfer to Proof of Stakethrough a process known as “The Merger”.
However, the crypto community on Twitter was in an uproar right after a tweet from The Altcoin Hub dated August 27th.
Information that was contradicted by Eric Wall, former investment director of Arcane Assets.
“PSA: *MtGox *is not giving out coins this week, the week after, or the week after that.
Source: I am a MtGox creditor. The refund system is not yet in place.
Next step: Go block @TheAltcoinHub for spreading this false information. »
A broken promise?
Judging by the contents of this release Mt. Gox, there is confusion that will leave investors confused. Since the date August 28 has already been chosen to start compensation in bitcoins for victims.
In a document issued by Kobayashi himself, dated July 6, he indeed talks about the beginning of repayment to creditors at “end of August“.
An extract from the content of this document:
“After discussion with the court and in accordance with the rehabilitation plan, the trustee intends to set the reference period for the transfer, etc. The restricted reference period is set towards the end of August this year. Until partial or full refunds are made as initial refunds, this is a safe and secure way. »
On the bluebird social network, investment advisor Danny Devan clarified his understanding of this official message from Mt Gox.
“There is so much misinformation being spread on Twitter that we are going to clarify something.
Mt Gox is not going to return the 137,000 bitcoins tomorrow. She starts the refund process tomorrow so creditors start getting their bitcoins. The whole process will take months!
Also, this is only for those who choose the lump sum advance, which means they only get a portion of their bitcoins. Those who stay until the end of the civil rehabilitation period will receive more, that is, in several years.»
According to Cointelegraph, rumors of a transfer of 137,000 BTC at Mt Gox have fueled liquidation fears by former customers of the Japanese exchange. And as a corollary, this put additional pressure on the price of bitcoin.
Result
Weak liquidity last weekend was seen to some extent exacerbating the “already a nervous market“. So the rumors surrounding Mt Gox helped keep BTC price below the $20,000 support. However, at this time, a correction has been made since the price of “The King of Cryptotrading at 20,126.32 at time of writing.
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