{"id":571186,"date":"2024-01-24T19:30:53","date_gmt":"2024-01-24T19:30:53","guid":{"rendered":"https:\/\/wncen.com\/?p=571186"},"modified":"2024-06-11T07:35:18","modified_gmt":"2024-06-11T07:35:18","slug":"bitcoin-mt-gox-starts-200000-btc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-mt-gox-starts-200000-btc\/","title":{"rendered":"Bitcoin Repayments: Mt Gox Starts Verifying Addresses For 200,000 BTC In Payouts"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Defunct Japanese-based cryptocurrency exchange, <\/span><a href=\"https:\/\/bitcoinist.com\/mt-gox-ready-distribute-millions-cash-to-creditors\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Mt. Gox<\/span><\/a><span style=\"font-weight: 400\"> has taken the next steps toward its Bitcoin distribution process to customers who were previously affected by its <\/span><a href=\"https:\/\/bitcoinist.com\/doj-takes-down-mt-gox-hackers-for-crypto-theft\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">2014 hack attack<\/span><\/a><span style=\"font-weight: 400\">. The crypto exchange has delivered mass emails to account holders as they confirm wallet addresses for individuals eligible for its repayment process.\u00a0<\/span><\/p>\n<h2>Mt. Gox Prepares For Bitcoin Repayments<\/h2>\n<p><span style=\"font-weight: 400\">Recently, Account holders at Mt. Gox <\/span><a href=\"https:\/\/www.reddit.com\/r\/mtgoxinsolvency\/comments\/19ck51n\/important_mtgox_confirmation_of_account_ownership\/?utm_source=share&amp;utm_medium=mweb3x&amp;utm_name=mweb3xcss&amp;utm_term=1&amp;utm_content=share_button\" rel=\"nofollow\"><span style=\"font-weight: 400\">reported<\/span><\/a><span style=\"font-weight: 400\"> in a Reddit post that they have been receiving new emails from the crypto exchange regarding an identity verification and confirmation procedure initiated by the exchange.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Mt. Gox disclosed that it has begun confirming wallet addresses from users who had officially owned accounts at the crypto exchange and had successfully completed their identity verification processes. The crypto exchange also revealed that it would be distributing Bitcoin (BTC) and Bitcoin Cash (BCH) as part of its repayment process to account holders, with the <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/mt-gox-gets-approval-to-return-141686-to-victims-affected-in-2014-hack\/\"><span style=\"font-weight: 400\">payout<\/span><\/a><span style=\"font-weight: 400\"> ranging from 142,000 BTC to 200,000 BTC.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/jp-morgan-spot-ethereum-etfs\/\">JP Morgan Reveals Likelihood Of Spot Ethereum ETFs Getting Approved<\/a><\/div>\n<p><span style=\"font-weight: 400\">Furthermore, Mt. Gox disclosed that the rehabilitation <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-repayment-deadline-mt-gox-trustee\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">trustee<\/span><\/a><span style=\"font-weight: 400\"> has shared customer details with the custodian to facilitate the account verification process. The crypto exchange warned that customers with disabled or frozen accounts may not be eligible for the fund distribution program.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In September 2023, Mt. Gox declared an <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-repayment-deadline-mt-gox-trustee\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">extension of its repayment deadline<\/span><\/a><span style=\"font-weight: 400\"> from October 2023 to October 31, 2024, attributing the decision to the need for further discussions to ensure proper disbursement of funds. During December 2023, the crypto exchange encountered a slight hiccup in its payment distribution process after it announced it had unintentionally issued <\/span><a href=\"https:\/\/bitcoinist.com\/mt-gox-bitcoin-btc\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">double payments<\/span><\/a><span style=\"font-weight: 400\"> to specific users.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Following the error, Mt Gox urgently requested these users to return the excess funds, warning of potential legal consequences and the possibility of being excluded from the reimbursement plan scheduled later this year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This year marks nearly a decade since Mt. Gox suffered a hack attack resulting in the loss of a substantial 850,000 Bitcoin. Recent developments in the <\/span><a href=\"https:\/\/bitcoinist.com\/mt-gox-starts-repaying-creditors\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">repayment process<\/span><\/a><span style=\"font-weight: 400\"> bring hope to former customers of the crypto exchange who were adversely affected by the cyber theft.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/YtFffHXs\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3266\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">BTC price reclaims $40,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<h2>BTC Faces $20,000 Crash If Mt. Gox Customers Commence Bitcoin Sell-Off<\/h2>\n<p><a href=\"https:\/\/bitcoinist.com\/200000-bitcoin-mt-gox-confirms-repayments\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">About 200,000 BTC<\/span><\/a><span style=\"font-weight: 400\"> presently worth over $7.7 billion, is expected to spread through multiple wallet addresses owned by Mt.Gox creditors. This raises concerns about the potential impact this Bitcoin distribution could have on the crypto market.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/xrp\/is-xrp-price-at-20-possible\/\">Is XRP Price At $20 Possible? Crypto Analyst Predicts Stunning Move<\/a><\/div>\n<p><span style=\"font-weight: 400\">Presently, Mt. Gox\u2019s 200,000 BTC repayment amount surpasses the total value of <\/span><a href=\"https:\/\/bitcoinist.com\/microstrategy-to-release-btc-updates-sans-impairment-losses\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Microstrategy<\/span><\/a><span style=\"font-weight: 400\"> and <\/span><a href=\"https:\/\/bitcoinist.com\/el-salvador-bitcoin-bet-profit\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">El Salvador\u2019s Bitcoin holdings, <\/span><\/a><span style=\"font-weight: 400\">which are among the largest in the world.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">With <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-price-crashed-below-40000\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin<\/span><\/a><span style=\"font-weight: 400\"> currently at $39,909, if Mt.Gox account holders receive their reimbursements and attempt a sell-off to take their profits, which have grown by a substantial 99,900%, the price of Bitcoin may <\/span><a href=\"https:\/\/x.com\/itzjoshuajake\/status\/55238678?s=46\" rel=\"nofollow\"><span style=\"font-weight: 400\">dip below $20,000<\/span><\/a><span style=\"font-weight: 400\">. This would be a monumental crash for the pioneer cryptocurrency, bringing prices back to half of their present market value.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from Inside Bitcoins, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Defunct Japanese-based cryptocurrency exchange, Mt. Gox has taken the next steps toward its Bitcoin distribution process to customers who were previously affected by its 2014 hack attack. The crypto exchange has delivered mass emails to account holders as they confirm wallet addresses for individuals eligible for its repayment process.\u00a0 Mt. Gox Prepares For Bitcoin Repayments Recently, Account holders at Mt. Gox reported in a Reddit post that they have been receiving new emails from the crypto exchange regarding an identity verification and confirmation procedure initiated by the exchange.\u00a0 Mt. Gox disclosed that it has begun confirming wallet addresses from users who had officially owned accounts at the crypto exchange and had successfully completed their identity verification processes. The crypto exchange also revealed that it would be distributing Bitcoin (BTC) and Bitcoin Cash (BCH) as part of its repayment process to account holders, with the payout ranging from 142,000 BTC to 200,000 BTC.\u00a0 Related Reading: JP Morgan Reveals Likelihood Of Spot Ethereum ETFs Getting Approved Furthermore, Mt. Gox disclosed that the rehabilitation trustee has shared customer details with the custodian to facilitate the account verification process. The crypto exchange warned that customers with disabled or frozen accounts may not be eligible for the fund distribution program.\u00a0 In September 2023, Mt. Gox declared an extension of its repayment deadline from October 2023 to October 31, 2024, attributing the decision to the need for further discussions to ensure proper disbursement of funds. During December 2023, the crypto exchange encountered a slight hiccup in its payment distribution process after it announced it had unintentionally issued double payments to specific users.\u00a0 Following the error, Mt Gox urgently requested these users to return the excess funds, warning of potential legal consequences and the possibility of being excluded from the reimbursement plan scheduled later this year.\u00a0 This year marks nearly a decade since Mt. Gox suffered a hack attack resulting in the loss of a substantial 850,000 Bitcoin. Recent developments in the repayment process bring hope to former customers of the crypto exchange who were adversely affected by the cyber theft.\u00a0 BTC price reclaims $40,000 | Source: BTCUSD on Tradingview.com BTC Faces $20,000 Crash If Mt. Gox Customers Commence Bitcoin Sell-Off About 200,000 BTC presently worth over $7.7 billion, is expected to spread through multiple wallet addresses owned by Mt.Gox creditors. This raises concerns about the potential impact this Bitcoin distribution could have on the crypto market.\u00a0 Related Reading: Is XRP Price At $20 Possible? Crypto Analyst Predicts Stunning Move Presently, Mt. Gox\u2019s 200,000 BTC repayment amount surpasses the total value of Microstrategy and El Salvador\u2019s Bitcoin holdings, which are among the largest in the world.\u00a0 With Bitcoin currently at $39,909, if Mt.Gox account holders receive their reimbursements and attempt a sell-off to take their profits, which have grown by a substantial 99,900%, the price of Bitcoin may dip below $20,000. This would be a monumental crash for the pioneer cryptocurrency, bringing prices back to half of their present market value.\u00a0 Featured image from Inside Bitcoins, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":571222,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,91308,1119,89185,1122,1144,78790,5973,3066,90990],"class_list":["post-571186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-repayments","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-mt-gox-bitcoin","tag-mt-gox","tag-mt-gox-news"],"acf":[],"yoast_head":"\n<title>Bitcoin Repayments: Mt Gox Starts Verifying Addresses For 200,000 BTC In Payouts<\/title>\n<meta name=\"description\" content=\"Mt. 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