Business News Report Technology
December 26, 2023

Long-Defunct Mt. Gox Initiates Refunds to Creditors in Japanese Yen

In Brief

Mt. Gox has initiated refunds to creditors in Japanese Yen via PayPal, as users reported receiving transactions in Reddit blog posts.

Defunct Mt. Gox’ Creditors Start to Receive Yen Refunds

Defunct Bitcoin exchange Mt. Gox initiated the issuance of refunds to its creditors in Japanese Yen via PayPal. Reddit users reported successful transactions in blog posts, marking the commencement of repayments a decade after Mt. Gox suffered a theft in February 2014.

The announcement followed a month after Nobuaki Kobayashi, the trustee overseeing Mt. Gox’s Bitcoin exchange’s estate announced the start of repayments to rehabilitation creditors on Nov. 21. The trustee outlined plans to initiate cash repayments in 2023, with an expectation to continue the process into 2024.

Repayments are structured into various tranches, encompassing the base, early lump-sum, and intermediate repayments. On Dec. 21, a pseudonymous Japanese X (formerly Twitter) user shared the first instance of receiving Mt. Gox claims through a bank transfer, credited in Japanese Yen.

Established in 2010, the Tokyo-based Mt. Gox platform reached its peak as the largest Bitcoin exchange by 2013, facilitating 70% of all Bitcoin trades. However, in early 2014, the platform ceased withdrawals, eventually going offline. The company subsequently filed for bankruptcy protection after the loss of over 800,000 Bitcoins.

Cyber Attacks On Cryptocurrency Exchanges

In recent years, the cryptocurrency landscape has witnessed a concerning trend with the increasing frequency of cyber attacks on crypto exchanges. 

HTX — formerly known as Huobi, became the target of hackers who stole an estimated $30 million worth of cryptocurrencies. This incident followed another security breach in the same month affecting Poloniex, an exchange also supported by Justin Sun, resulting in the theft of approximately $100 million worth of cryptocurrencies.

Likewise, crypto exchange Binance experienced a security breach, where a bad actor offered access to Binance’s law enforcement request panel, providing unauthorized access to account data for a fee. Three computers owned by law enforcement officers were compromised, leading to the theft of credentials stored in browsers, facilitating unauthorized entry into Binance’s login panel.

Despite the recent positive development in Mt. Gox’s long-awaited repayments, the cryptocurrency industry continues to grapple with the persistent threat of cyber attacks, which raises questions about the vulnerabilities of the platforms. 

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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