| Entity | Country | # of BTC | Value Today | % of 21m |
|---|---|---|---|---|
| Mt. Gox | 200,000 | 200000 | 0.952% | |
| Block.one | 140,000 | 140000 | 0.667% | |
| Tether Holdings LTD | 55,000 | 55000 | 0.262% | |
| The Tezos Foundation | 17,500 | 17500 | 0.083% | |
| Stone Ridge Holdings Group | 10,000 | 10000 | 0.048% |
Before the infamous Mt. Gox hack in 2014, the exchange had over 750,000 bitcoin in its custody. After declaring bankruptcy, Mark Karpelès, the owner of Mt. Gox, found a wallet that had 200,000 bitcoins.
This wallet is now in the custody of Japanese attorney Nobuaki Kobayashi, the court-appointed Mt. Gox’s trustee.
Mt. Gox is considered by many to be the first bitcoin exchange. It allowed users to easily buy and sell bitcoin online.
After about 10 years of litigation in Japanese courts, it looks like the creditors will soon be receiving a distribution of Mt. Gox remaining assets.
The distribution will involve receiving a portion in bitcoin, bitcoin cash, and actual cash. This could happen as soon as October of 2023. Based on bitcoin price today, around $27,000 compared to $1,000 in 2014, most creditors will receive much more than the value of their bitcoin at the time of the hack.
Many could think of this as forced hodling for the last 10 years.
The phrase ‘not your keys, not your coins’ came from the Mt. Gox hack. This lesson has had to be learned anew as other exchanges, Celsius Network, Voyager Digital, and FTX have declared bankruptcy, leaving users with little recourse but the slow wheels of justice.
The Mt. Gox hack has made the security of exchanges a priority along with regulations that require exchanges to maintain value reserves on hand to meet withdrawals. These improvements and regulations continue to evolve.
But a more important lesson is that Bitcoin is here to stay. It is bigger than any failure due to naivety or just bad actors in the industry.
A poll of the Mt. Gox creditors’ Telegram group indicated that 50% of those that replied will continue to hodl the bitcoin they receive in distribution. These early adopters of Bitcoin still believe in Bitcoin and the value it can deliver.
| Category | # of BTC | Value Today | % of 21m |
|---|---|---|---|
| ETFs | 819125 | 819125 | 3.901% |
| Countries | 451968 | 451968 | 2.152% |
| Public Companies | 238492 | 238492 | 1.136% |
| Private Companies | 429381 | 429381 | 2.045% |
| Entity | Country | # of BTC | Value Today |
|---|---|---|---|
| Mt. Gox | 200,000 | 200000 | |
| El Salvador | 2,381 | 2381 | |
| Grayscale Bitcoin Trust | 643,572 | 643572 | |
| Riot Platforms, Inc. | 7,309 | 7309 | |
| Hut 8 Mining Corp | 9,152 | 9152 | |
| Tether Holdings LTD | 55,000 | 55000 | |
| Galaxy Digital Holdings | 8,100 | 8100 | |
| Coinbase Global, Inc. | 9,000 | 9000 | |
| Marathon Digital Holdings Inc | 12,964 | 12964 | |
| Block, Inc. | 8,027 | 8027 | |
| Tesla, Inc | 10,725 | 10725 |
