Bitcoin Refund Fiasco
After almost a decade, victims of the Mt Gox Bitcoin exchange collapse are finally receiving compensation. However, there has been an unexpected twist in the distribution process.
A member of the X community recently announced that they had received payment from Mt Gox. However, it was soon revealed that the crypto exchange had made unintentional double payments to many users.
Mt Gox had made compensatory payments through bank transfers and PayPal. But due to a technical error, customers who were paid via PayPal experienced duplicate transactions.
The exchange has urged users to refund the duplicate payment and return the amount to the Rehabilitation Trustee.
Recap Of Mt Gox Collapse
Mt Gox, once responsible for 70-80% of global Bitcoin transactions, suffered a major hack in 2014. The exchange suspended withdrawals and later revealed that over 740,000 BTC were stolen from customers and 100,000 BTC were stolen from the company itself.
Now that the reimbursement process has started, the double payment issue is seen as a major inconvenience and reflects poorly on Mt Gox’s competence.
Victims have expressed frustration over the additional fees required to process refunds and some speculate that the duplicate payment was intentional to delay the process further.
Hot Take: Incompetence Adds Insult to Injury for Mt Gox Victims
The long-awaited compensation for Mt Gox victims has turned into a new headache as the exchange accidentally made double payments to many users. This mistake not only reflects poorly on Mt Gox’s technical capabilities but also adds further frustration to an already painful situation for those affected by the exchange’s collapse. Users who were paid via PayPal are now being urged to refund the duplicate payment, causing additional inconvenience and fees. The incident raises questions about the competence of Mt Gox in handling the reimbursement process, and some victims suspect that the duplicate payment was a deliberate attempt to buy more time. Overall, this blunder highlights the ongoing challenges and frustrations faced by those seeking justice from Mt Gox.
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