Mt. Gox Releases Bitcoin Return Procedures For Hacking Victims In 2011

Mt. Gox will return more than one hundred thousand Bitcoins belonging to investors. (Photo; Doc. Unsplash)

JAKARTA Mt. Gox is a crypto exchange that went bankrupt due to hacking, where hackers managed to steal 850,000 Bitcoins (BTC) in 2011. Investors suffered losses as a result of the illegal act. As a result, the crypto exchange company went bankrupt.

In November 2021, Mt. Gox launched a rehabilitation plan for a return of around 137,000 BTC to their investors. This is one of the company's efforts to account for their user crypto holdings.

According to a recent report, Mt. Gox launched a refund procedure for investors and creditors affected by the hack. Creditors are expected to register for their BTC returns.

The plan, in October 2022, Mt. Gox will activate an online claim feature that will allow creditors to register their information and select a repayment method for further disbursement of funds.

However, Mt. Gox warned that creditors who fail to complete the "picking and registration" process before January 10, 2023, will lose their funds.

As reported by CryptoSlate, Mt. Gox said it had uploaded very important material that creditors had to read carefully before completing the process. The documents include information about the financial situation of the Mt. Gox exchange, notification of amendments to plans for rehabilitation and obtaining permits related to payments, and guidance for the selection of crypto exchanges or custodials.

Mt. Gox urges creditors to validate that their names and addresses are properly determined. Details provided in the database will be used for identity verification before payment is re-issued. Creditors who have reason to update their details can do so before the specified time limit.

The theft of 850,000 Bitcoins from Mt. Gox in 2011 shocked the entire crypto industry. Even so, the Japan-based crypto exchange found 200,000 BTC in 2014. But did not immediately return the funds of creditors who had been waiting for their funds.

In 2022 July, CryptoSlate reported that according to the Mt. Gox, about 137,000 BTC can be released to market. Many crypto analysts predict that the release of 137,000 BTC could trigger an increase in selling pressure that could force Bitcoin prices to fall below 10,000 US dollars.

Apart from all of that, it is not yet known how the crypto market reacted to the release of 137,000 BTC to the market. Mt. Gox has also not officially announced the number of potential Bitcoin repayment recipients affected by the 2011 hack.