Mt. Gox Appears to Have Started PayPal Repayments Tied to 2014 Bitcoin Hack

Payments through bank accounts are still awaited.

AccessTimeIconDec 26, 2023 at 11:31 a.m. UTC
Updated Jan 26, 2024 at 4:36 p.m. UTC
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Almost 10 years after being hacked, the Mt. Gox crypto exchange appears to be starting to repay customers who lost 850,000 bitcoin (BTC) now valued around $36 billion.

Some participants in the mtgoxinsolvency subreddit group said they had received payouts in yen over Paypal. Others, who’d chosen to receive cash into bank accounts, said they had not seen any inflows.

The exchange, launched in 2010, was the world's biggest when it was hacked in 2014. It was ultimately able to recover about 20% of the stolen funds. Earlier this year, it extended the deadline for repayments by 12 months until October 2024.

The repayment could have some impact on bitcoin prices, due to the sheer volume of the tokens being released, but would not destablize the market, UBS had said in a report earlier this year.

Edited by Shaurya Malwa.


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Sheldon Reback

Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

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