Rumors Swirl as Social Media Buzzes: Bitcoin Compensation on the Horizon for Mt. Gox Victims?

Victims of cryptocurrency exchange Mt. Gox are getting closer and closer to receiving compensation after the one-time prominent exchange collapsed almost a decade ago.

Screenshots of emails are circulating around social media declaring that victims will be receiving repayment in BTC/BTH.

Mt. Gox Victims Set to Receive Repayment After Almost a Decade
Mt. Gox collapsed in 2014 after it said it lost almost 750,000 customers’ BTC and 100,000 of its own BTC.

The crypto exchange former CEO, Mark Karpeles, was charged with embezzlement and aggravated breach of trust. However, he was found not guilty on most charges.

In the email circulating on X (formerly Twitter), it suggests that victims will soon finally see repayment of their digital assets. These digital assets were lost almost a decade ago.

“In future, it is anticipated that the Exchange will accept your subscription of agency receipt indicated on the System to receive repayment in BTC/BCH as your agent.”

Meanwhile, another user on X reiterated to his 50,200 followers that the “BTC distribution is expected to hit the market over the next 2 months, 200K BTC unlock.”

Many are speculating about its impact on Bitcoin’s price. On a positive note, it is reinforcing the overall regulatory position for crypto.

The Mt. Gox hack stands out as one of the initial and prominent attacks on a crypto exchange. It occurred at a time when crypto had not yet gained mainstream recognition through sporting events and television ads.

Amid FTX Proceedings, Clarity Emerges on Mt. Gox Situation
Considering the swift and regulated response to the collapse of the FTX crypto exchange, it could potentially be a positive sign. Especially, for those worried about hacks and malicious attacks on exchanges. This situation shows that victims are getting their money back.

On the other hand, if those victims were to mass-sell off their assets upon receiving them, then that could impact Bitcoin’s price.

When Mt. Gox collapsed in 2014, Bitcoin was trading at approximately $320 USD.

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However, at the time of publication, Bitcoin’s price is $39,908.

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