Mt. Gox's repayment of customers who lost a combined 850,000 BTC – now valued at $33 billion – during its hack of 2014 appear to be progressing.

Some former customers of the crypto exchange have reported receiving an email asking for confirmation of identity and account details on the mtgoxinsolvency subreddit group.

RFK Jr. Says He's 'Fully Committed' to Bitcoin; Jersey City to Invest in Bitcoin ETFs

00:57

What Do EigenLayer's Outflows of $2.3B Signal?

04:20

What Do TradFi Crypto Moves Mean for Decentralization?

02:02

Marathon Digital Buys $100M BTC; India's Special Task Force for Crypto-Related Drug Trafficking

00:53

Ether Slides as Grayscale's ETHE Outflows Ramp Up

The e-mails confirm the recipients will receive payment in bitcoin or bitcoin cash (BCH) to their account with the crypto exchange which they had previously nominated.

Mt. Gox was launched in 2010 and was the world's biggest crypto exchange at the time of the hack in 2014. It was ultimately able to recover around 20% of the stolen funds. In December, some customers reported receiving payouts in yen to their Paypal accounts.

The repayment could see some impact on BTC prices due to the sheer volume of coins being released, particularly should it coincide with acceleration of inflows to exchange-traded funds (ETFs) and the bitcoin halving in April.

Edited by Stephen Alpher.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.