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Mt. Gox starts verifying creditor identities to repay lost 200k Bitcoin from the 2014 hack

Mt. Gox Takes Steps to Repay Creditors: Verification Process Begins

Mt. Gox, a once-prominent crypto exchange, has begun the process of verifying creditor identities as part of its ongoing effort to repay losses caused by a major hack in 2014.

Creditors are now receiving emails requesting identity confirmation, which is a critical step in recovering lost Bitcoin and Bitcoin Cash.

Creditors recently reported receiving emails from Mt. Gox urging them to verify the identity associated with their Mt. Gox accounts.

This verification process is required before reclaiming the Bitcoin (BTC) and Bitcoin Cash (BCH) stolen during the infamous 2014 hack.

A detailed email shared on the Mt. Gox discussion forum described the confirmation process. It notified users that their identities had been successfully verified by the exchange’s Trustee, thereby establishing account ownership.

The email specified that payments would be made in Bitcoin or Bitcoin Cash. However, a cautionary note was included, emphasizing the potential exclusion of accounts that may be disabled or frozen in the future.

MinDao, a crypto supporter, highlighted the anticipated supply dynamics in the coming months. Mt. Gox is expected to distribute over 200,000 BTC within the next two months, compounding the potential impact of the GBTC repricing (over 600,000 BTC) and the upcoming Bitcoin halving, which could reduce Bitcoin’s supply by 160,000 BTC.

Mt. Gox was once a major player, processing roughly 70% of Bitcoin transactions before the 2014 hack. The breach was caused by security flaws and resulted in the loss of 850,000 BTC, which was valued at $450 million at the time and is now worth more than $33 billion.

The aftermath resulted in legal battles, market turmoil, and, ultimately, Mt. Gox’s bankruptcy filing in February 2014.

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