200,000 antique bitcoins pending: no return yet at MtGox

This is called a chestnut tree – Since 2014 and the forced closure of the Mt. Gox exchange, former users have still not recovered their precious bitcoins. The former industry heavyweight (up to 70% of BTC trading volume at its peak) robbed its clients of one hell of a financial tumble. We are talking about several thousand percent appreciation of Bitcoin since. Rumors of their restitution return regularly, but it is still not topical.

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200,000 bitcoins still under seal

The infamous Mt Gox crypto exchange hack has left an indelible mark on the ecosystem. He made people realize the importance of having total sovereignty over their wallet and tokens. At the risk of seeing others benefit from it, if the trusted intermediary who stores them for you goes out of business.

Between 650,000 and 850,000 BTC would have been slowly siphoned there, without anyone noticing. These belonged to the platform as well as to its customers. Some had put their life savings there, convinced of the appreciation of Bitcoin. According to Investopedia200,000 of them could be recovered.

At the end of 2021, a plan for rehabilitation and restitution of the tokens was decided between the creditors of Mt Gox and the Tokyo District Court. The head office was located in the Japanese archipelago. This agreement came after 7 years of legal battle, a relief for former customers. Who are not out of business so far.

Persistent rumors on Twitter

This case is still not settled definitively, it always leaves room for doubt. Members of the crypto community (or claiming to be such) regularly take the opportunity to announce that these bitcoins will be released on such and such a date, without foundation.

Indeed, the redistribution of 200,000 tokens, which have since appreciated by several thousand percent, would in principle add selling pressure to the market. It seems reasonable to imagine that a good part of the old customers would take advantage of this to secure their profits. Profits of a lifetime.

Eric Wall put an end to the rumor, a few days after his last appearance. A former client harmed by the bankruptcy of Mt Gox, he says the technical solutions are not yet in place. At present, it is not possible to indicate on which Bitcoin address the tokens must be credited. The BTC redistribution system is not operational.

Wall also clarifies that the unlocking of tokens will be gradual. There will therefore not be 200,000 BTC returned overnight to the owners to be dropped immediately on a crypto exchange. On the other hand, the unfortunate customers were able to claim a few months ago a commemorative NFT of the platform. Yippee.

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200,000 antique bitcoins pending: no return yet at MtGox

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