One of the most notable moments in crypto history in the 2010s was undoubtedly the Mt Gox shutdown. Prior to this, the exchange was a giant of the industry and processed the majority of Bitcoin transactions in the world. Then, in 2014, the exchange halted operations and revealed that 750,000 of its customers’ Bitcoin tokens and 100,000 of its own had gone missing.
In the decade following this, the exchange has been subject to lawsuits, and investigations, and has announced that several hundred thousand tokens have been found. Now, Mt Gox is at the point where it wants to begin distributing funds to customers who had been affected by its actions in 2014.
A major step has been taken in that direction as the exchange’s crypto wallet has seen some activity. Specifically, it has sent 0.021 Bitcoin to Bitstamp, another crypto exchange. This payment is largely seen as a test run of sorts before the major payments begin going out.
Bitcoin Since the Shutdown
It has been 10 years since Mt Gox went under and the crypto scene has evolved so much in that time. Cryptos, for example, have more use cases than ever.
One notable use case is gambling, with tokens being used to play all sorts of games, from the traditional to the modern. Hundreds of new and innovative online casinos have popped up, catering to every token and game preference (source: cryptocasinos.ltd). On top of catering to customers, these crypto betting sites also create more demand for various tokens, thus driving up their prices.
Another notable development has been the approval of spot ETFs for both Bitcoin and Ether. These would have been unimaginable back in 2014 and while it took years to achieve, it is now a reality. It also speaks to the level of institutional support crypto has received from the likes of JP Morgan and PayPal over the years.
Then there is the fact that Bitcoin, which saw a peak price of $318 in 2014, is now worth tens of thousands of dollars today. Needless to say, the crypto world has evolved since the Mt Gox incident and continues to do so.
Mt Gox Making Amends
Kraken and Bitstamp have been court-assigned as platforms to facilitate the distribution of funds to Mt Gox’s creditors. Those who are due to receive funds will be getting them from these exchanges in the coming weeks and months and it seems things are being put in place.
Kraken has already confirmed that it has gotten some funds from Mt Gox and will begin distributing them.
“We have successfully received creditor funds (BTC and BCH) from the Mt. Gox Trustee. While we will work to distribute funds as quickly as possible, please anticipate 7-14 days for funds to be credited to your account,” a statement said.
So far, thousands of Bitcoin tokens have been moved from Mt Gox and those who have been waiting for compensation can breathe a sigh of relief.
