Mt. Gox customers to receive crypto assets after 10-year wait

Markets are holding relatively steady despite the supply shock

July 24, 2024 04:38 pm

Artwork by Crystal Le

Repayments to the customers of Mt. Gox are set to begin after a decade-long court process.

Tokyo-based Mt. Gox once processed more than 70% of all BTC transactions at its peak before collapsing in 2014 after the loss of 950,000 BTC. Bitcoin was worth just $600 at the time.

About 20,658 customers will receive a portion of their lost assets this month, estimated at over $9 billion worth of BTC, BCH and ETH today.

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The repayment process is planned to begin with BTC and BCH repayments first, according to Mt. Gox’s rehabilitation trustee.

Kraken CEO David Ripley announced the successful redistribution of Mt. Gox BTC and BCH to creditors yesterday. A sum of 48,641 BTC was sent to an address suspected to be a Kraken wallet on July 16.

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Bitstamp has publicly confirmed receiving funds and began redistributing Mt. Gox assets back to non-UK creditors.

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Arkham Intelligence data first showed that the European-based exchange received on Monday 1,980 BTC and 382,377 BTC in two separate transactions, followed by another 1,979 BTC and 382 BTC yesterday.

Despite long-standing fears of a supply overhang, prices of both assets are holding steady on the news. BTC is up 0.3% to $66,064, while BCH has seen a slight decline of 0.3% to $366.

Based on Arkham’s data, Mt. Gox still holds about 90,344 BTC ($5.77 billion), about 64% of the original 140,000 BTC recovered by law enforcement.

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