On the 27th of August 2022, Eric Wall refuted the claims that Mt. Gox has started distributing repayments for stolen funds.
Jed McCaleb built Mt. Gox in 2010. A platform that grew from an online card trading platform to the world’s largest crypto exchange. At its best, Mt. Gox was responsible for more than 75% of the global trading volume.
Mark Karpeles, a French developer, bought the platform in 2011. By the beginning of 2014, Mt. Gox experienced a crippling blow. A hack worth $460 million is believed to have started in 2011.
First, the attackers accessed Mt. Gox’s private keys. They continuously drained all the wallets associated with the private keys. Then in 2014, the hackers finally accessed and stole around 840,000 BTC from the company and its customers.
It is believed that mismanagement and lack of proper organization led to Gox’s insolvency before the attacks went public in 2014.
After the attack, Mt. Gox allegedly retrieved 200,000 BTC from an old-format wallet, while 200,000 BTC was tracked to BTC-e, a Russian exchange.
An announcement published by Mr. Kobayashi, the MtGox trustee, showed the Mt. Gox rehabilitation plan and the agreement between Mt. Gox creditors and the Japanese courts.
The rehabilitation plans showed a registration and repayment plan for the victims of the attack.
In a bid to correct rumors of repayments, Eric Wall released a tweet saying that Mt. Gox is not distributing repayments, and the system for repayment is not yet online. Payout is to happen in batches over a long period, and there is currently no official timeline.
He went further, informing users of the right channel of information, and in due time, creditors would be given adequate information on the repayment system.
