Mt. Gox Saga Inches Closer to Closure As Liquidator Requests Email Verification

Keyboard with "Email" and "Mt Gox" written on it

Mt. Gox, the infamous cryptocurrency exchange that shuttered its doors in 2014 after a massive Bitcoin hack, is taking another step towards resolving its long-standing legal battle and reimbursing its creditors. According to information circulating on Reddit, the exchange recently sent emails to users requesting verification of their Bitcoin (BTC) and Bitcoin Cash (BCH) payout addresses.

A Fiirst Concrete Step

This email communication indicates that Mt. Gox is preparing to distribute a portion of its remaining assets to eligible creditors. In December 2023, some claimants reported receiving compensation in Japanese yen directly deposited into their PayPal accounts. This marked the first concrete step towards fulfilling the rehabilitation plan approved by the Japanese courts in 2021.

The Email

“Dear Sir or Madam,

Confirmation of Account Ownership by Cryptocurrency Exchange The Rehabilitation Trustee shared your details, including the account information you registered on the MTGOX Online Rehabilitation Claim Filing System (i.e., the system accessible via ; “System”), with the Cryptocurrency Exchange or the Custodian (the “Exchange”), and the Exchange has subsequently confirmed that you own an account at the Exchange and that you have completed identity verification.

In the future, it is anticipated that the Exchange will accept your subscription of agency receipt indicated on the System to receive repayment in BTC/BCH as your agent. Thereafter, an agency receipt agreement will be entered into between you and the Exchange. We will notify you by email when this agreement has been entered into.

Please note that you may not be able to receive repayment in BTC/BCH if your account is disabled or frozen in the future.

Full Repayment Expected to End in 2024

For details of the repayment procedure, concerned users were asked to refer to the “Guide to Selection of Cryptocurrency Exchange or Custodian” and Section 4 of “Frequently Asked Questions Regarding Repayment (Repayment FAQs)” in the “Information and Guides for Repayment” section of “WEBPAGE FOR VIEWING DOCUMENTS” on the System.

The plan stipulates the distribution of Mt. Gox’s remaining holdings, which include approximately 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen, among its verified creditors. The full repayment process is expected to be completed by the end of 2024.

While the email verification step represents positive progress, some uncertainties remain. The specific timeline for individual payouts and the methods of distribution beyond PayPal are yet to be fully clarified. Mt. Gox is expected to provide further details and instructions to creditors in the coming weeks.

Author: Candace

Candace loves the arts. She holds some bitcoins.