Mt. Gox Progresses Towards Repayment of $33 Billion in Bitcoin to Hack Victims

Mt. Gox, the infamous cryptocurrency exchange that suffered a massive hack in 2014 resulting in the loss of 850,000 BTC, is making progress in repaying its customers. The stolen bitcoins, now valued at a staggering $33 billion, are slowly being returned to the victims.

Recently, some former customers of Mt. Gox reported receiving an email requesting confirmation of their identity and account details on the mtgoxinsolvency subreddit group. These emails serve as confirmation that the recipients will receive their payment in either bitcoin or bitcoin cash (BCH), which will be deposited into their previously nominated accounts with the exchange.

Mt. Gox, once the largest cryptocurrency exchange in the world when the hack occurred, managed to recover approximately 20% of the stolen funds. In December, some customers even reported receiving payouts in yen to their Paypal accounts.

The repayment process could potentially have an impact on the price of bitcoin. The sheer volume of coins being released back into circulation, combined with the potential acceleration of inflows to exchange-traded funds (ETFs) and the upcoming bitcoin halving in April, may lead to fluctuations in the market.

The bitcoin halving event, which occurs approximately every four years, is when the reward for mining new bitcoins is cut in half. This event has historically been associated with increased hype and speculation in the cryptocurrency market.

It is important to note that the repayment process is still ongoing, and it remains to be seen how long it will take for all affected customers to receive their funds. However, this development brings hope to those who lost their bitcoins in the Mt. Gox hack, as they inch closer to recovering their stolen assets.

For more information on the potential impact of the upcoming bitcoin halving and the progress of Mt. Gox’s repayment efforts, interested readers can visit the article linked below.

[Read More: Will the Next Bitcoin Halving Be Another Hype Cycle?](