coinculture.com
Mt. Gox is now advancing in its efforts to reimburse customers who lost a collective 850,000 BTC, now valued at $33 billion, in the 2014 hacking incident. Certain former clients of the cryptocurrency exchange have shared experiences of receiving emails soliciting confirmation of identity and account particulars on the mtgoxinsolvency subreddit group.
These emails assure recipients of forthcoming payments in either bitcoin or bitcoin cash (BCH), to be credited to their accounts with the crypto exchange as previously designated. Mt. Gox, established in 2010 and once the world’s largest crypto exchange, suffered a major hack in 2014, managing to recover approximately 20% of the pilfered funds. In December, some users reported receiving payouts in yen to their Paypal accounts.
The potential impact of this repayment on BTC prices is noteworthy, given the substantial volume of coins set to be released. This impact may become more pronounced if it coincides with increased inflows to exchange-traded funds (ETFs) and the upcoming bitcoin halving scheduled for April.