Mt. Gox, once the world's largest Bitcoin exchange before its 2014 hack that resulted in the theft of 850,000 BTC, is now navigating through a turbulent period of debt repayment after a decade-long bankruptcy battle. Scheduled to disburse 142,000 BTC and 143,000 BCH to creditors by the end of October, the exchange has begun refunding tokens through various platforms, albeit with varying processing times — 90 days at Kraken and 60 days at Bitstamp.
Recently, concerns have surfaced regarding the security of Mt. Gox's repayment process. Within the past 24 hours, numerous users on Reddit's Mt. Gox insolvency forum, "r/mtgoxinsolvency," reported failed login attempts and unauthorized access alerts on the Mt. Gox website. Screenshots shared by affected users suggest a potential breach of creditor accounts.
Mt. Gox creditor accounts have seen a large number of unauthorized login attempts Image source: Reddit
Amidst these incidents, creditors voiced apprehension over potential hacking attempts targeting Mt. Gox's repayment operations. One Reddit user lamented receiving multiple login notifications without being able to access their account, prompting questions about the timing and motivations behind such attacks.
Mt. Gox creditors failed to log in Image source: Reddit
Responding to these issues, Mt. Gox's official website has been temporarily placed under maintenance. A notice on the site assures users that efforts are underway to resolve the situation, while highlighting that 36% of Bitcoin has already been allocated to creditors.
The Mt. Gox official website is currently in maintenance mode Image source: Mt. Gox
Financial analysts, including Maartunn from CryptoQuant, have expressed concerns that Mt. Gox's repayments could lead to significant Bitcoin sell-offs, given the substantial increase in Bitcoin's value since the exchange's collapse. Despite these worries, analysts like RunnerXBT believe that early Bitcoin adopters, primarily affected by Mt. Gox's insolvency, might only exert short-term selling pressures.
The situation remains fluid, with ongoing scrutiny over the security and financial implications of Mt. Gox's repayment process.
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