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In an unexpected twist, the once-dominant Mt. Gox cryptocurrency exchange, which fell victim to a severe hack in 2014, appears to be initiating the repayment process for customers who lost a substantial 850,000 Bitcoin (BTC), currently valued at approximately $36 billion. Almost a decade after the infamous breach, reports are surfacing from members of the r/mtgoxinsolvency subreddit group, asserting that they have received payouts in Japanese Yen via PayPal. Despite these accounts, the developments remain unconfirmed, prompting cautious optimism within the cryptocurrency community.

Established in 2010, Mt. Gox stood as the world’s largest cryptocurrency exchange until it encountered a significant hack in 2014. This breach resulted in the loss of 850,000 bitcoins, a substantial portion of the exchange’s holdings at the time. Despite managing to recover around 20% of the stolen funds, the incident left a lasting impact on the cryptocurrency landscape. Earlier this year, Mt. Gox extended the repayment deadline by 12 months, shifting it to October 2024.

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