Now-Defunct Crypto Exchange Mt. Gox Issues Commemorative NFT

Annie Li   Mar 28, 2022 16:00 2 Min Read


Mark Karpeles, the former CEO of suspended Japanese cryptocurrency exchange Mt. Gox, announced the launch of a non-fungible commemorative token for certain eligible users.

Mt.Gox is a Bitcoin exchange located in Shibuya, Tokyo, Japan. Mt.Gox was initially established by Jed McCaleb in July 2010 and later sold to Tibanne Co., founded by Mark Karpeles in March 2011. In February 2014, it was forced offline due to hacking by stealing its Bitcoins; online transactions were also suspended.

Mark Karpeles wrote on his official Twitter:

“You can claim your MtGox NFT on http://mtgoxnft.net if you were a MtGox customer between 2010 and 2014. The NFT is airdropped for free, and available no matter if you had a balance or filed a claim with the bankruptcy. "

In 2011, Mt. Gox caused a loss of 850,000 bitcoins due to hacker attacks - $460 million at the time, about $40 billion at current bitcoin prices, and this loss was covered by thousands of the exchange’s Users who are cryptocurrency holders who pay out of their own pockets.

Mt. Gox trustee Nobuaki Kobayashi has worked for years to compensate the exchange’s creditors and announced in November 2021 that the restoration plan filed with the Tokyo District Court had become “final and binding.”

The project’s white paper also states that This initiative is entirely independent of the MtGox Bankruptcy and 100% self-funded.

“NFT numbers (uint256) will match the MtGox account number, and a hardcoded limit will prevent any NFT from being created outside the range of MtGox accounts,” the statement wrote.

Mt. Gox users will need to verify that they are exchange customers with accounts registered before February 25, 2014, to qualify for the airdrop, according to its official published steps.

NFTs will be ERC-721 compliant, issued on the Polygon blockchain. Each token will also store two “weight” values ​​corresponding to the latest balance of the MtGox account, one for Nakamoto’s’ BTC balance one for all fiat currency.


Image source: Shutterstock

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