The Mt. Gox bankruptcy saga continues to be a source of frustration for early Bitcoin investors who lost 850,000 BTC in the infamous hack. Over the past decade, these investors have faced numerous delays and disappointments. However, there is now a glimmer of hope that they may soon receive some compensation from the exchange, which filed for bankruptcy.
This week, creditors faced fresh fears of a new attack as some received multiple emails notifying them of unauthorized logins to their accounts. Efforts have begun to reunite victims with 141,000 BTC that were later recovered, but an opportunistic individual appears to be attempting to steal this crypto.
One Reddit user shared their experience: “Just received 15 notifications for account log in. Now canβt get into my account. Is Mt. Gox under attack???” They later expressed relief that the system doesn’t allow changes to payment destinations.
Other users reported similar issues, suggesting that an attacker might have a list of Mt. Gox emails and is trying to brute force their way in. Despite these attempts, it seems that the login notifications were misleading, as they were sent before entering the 2FA code.
Another user tested this theory by attempting to log in with a bogus password and received an email indicating a successful login. This incident highlights a significant problem with bankruptcy proceedings, as customer details often become public, making them vulnerable to phishing attacks.
Following these login attempts, Mt. Goxβs website was taken down for maintenance. However, one creditor pointed out that there was little cause for concern since the recovered crypto had already been sent to custodians.
In the broader context, the prospect of 141,000 BTC entering the market has raised concerns about potential selling pressure on Bitcoin’s price. Despite this, Bitcoin has recently shown resilience, bouncing back after the German government offloaded 50,000 BTC seized from a criminal enterprise.
A recent poll on r/mtgoxinsolvency asked members if they planned to sell their Bitcoin once compensation is received. Of the 467 respondents, 55% vowed not to sell any BTC, while 14.5% planned to offload up to 25% of their holdings. Only 18.8% intended to sell all their BTC.
Given that BTC was worth about $600 in February 2014, the time of the Mt. Gox attack, these early adopters have seen their investments grow by over 10,733%. Those who believed in Bitcoin then are likely to continue holding onto their investments now, despite their past losses.
While no one can predict the future with certainty, it is clear that many creditors are eager to move on from the Mt. Gox ordeal. Those choosing to HODL probably won’t place their trust in an exchange again.
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