Mt. Gox was a Japanese Bitcoin exchange that stopped operating in February 2014 after reporting missing customer and company funds. Its collapse led to insolvency proceedings and a prolonged process of returning assets to creditors. Bitcoin and Bitcoin Cash repayments began in July 2024; some repayments remained outstanding in October 2026.123

Collapse and missing bitcoinsReport an error

In its 28 February 2014 filing announcement, Mt. Gox said roughly 750,000 customer bitcoins and 100,000 company bitcoins were missing. It also reported discrepancies in cash balances and said it had closed its website on 25 February. The announcement's explanation involving a Bitcoin bug was the company's preliminary account, issued while investigations were continuing.1

On 20 March, the company revised the picture: rescanning an old wallet had located approximately 200,000 BTC on 7 March. It consequently estimated missing bitcoins at about 650,000, while warning that the amount and causes remained under investigation. The original 850,000 figure therefore should not be read as the final unrecovered loss.4

Criminal investigationReport an error

In June 2023, the US Department of Justice announced charges against Alexey Bilyuchenko and Aleksandr Verner. Prosecutors alleged that they gained access to Mt. Gox's wallet server in 2011 and, with others, caused the theft of approximately 647,000 BTC through at least May 2014. The announcement concerned allegations in an indictment, rather than a finding of guilt. Its account of a multiyear theft is distinct from the exchange's initial public explanation in February 2014.5

Creditor repaymentsReport an error

The rehabilitation trustee announced repayments in Bitcoin and Bitcoin Cash to some creditors through designated exchanges on 5 July 2024. Further distributions depended on account validation, arrangements with exchanges, and checks that transfers could proceed securely.2

As of 31 October 2026, the latest deadline notice, dated 16 October, extended the Base Repayment, Early Lump-Sum Repayment, and Intermediate Repayment deadlines to 31 October 2027, Japan time. The trustee said these repayments were largely complete for creditors whose procedures were finished and problem-free, with exceptions. Other creditors had unfinished procedures or encountered processing issues. This extension is not a statement that every creditor must wait until that date.3

TimelineReport an error

Date Event
2014-02-25 Exchange website closed1
2014-03-20 Recovery of approximately 200,000 BTC announced4
2023-06-09 US theft-related charges announced5
2024-07-05 Bitcoin and Bitcoin Cash repayments announced2
2026-10-16 Relevant repayment deadlines extended to October 20273

See alsoReport an error

ReferencesReport an error

  1. ^ a b c MtGox (28 February 2014). Announcement regarding an application for commencement of a procedure of civil rehabilitation. https://www.mtgox.com/img/pdf/20140228-announcement_eng.pdf 

  2. ^ a b c d Rehabilitation trustee (5 July 2024). Notice regarding repayment in Bitcoin and Bitcoin Cash. https://www.mtgox.com/img/pdf/20240705_01_announcement_en.pdf 

  3. ^ a b c d Rehabilitation trustee (16 October 2026). Notice concerning change of repayments deadline. https://www.mtgox.com/img/pdf/20261016_b3a13e0f-55f6-4653-913b-be80762390e8_announcement_en.pdf 

  4. ^ a b MtGox (20 March 2014). Announcement regarding the balance of Bitcoin held by the company. https://www.mtgox.com/img/pdf/20140320-btc-announce.pdf 

  5. ^ a b US Department of Justice (9 June 2023). Russian nationals charged with hacking one cryptocurrency exchange and illicitly operating another. https://www.justice.gov/archives/opa/pr/russian-nationals-charged-hacking-one-cryptocurrency-exchange-and-illicitly-operating-another