How Did Mt. Gox Pay Creditors Twice Due to Web 3.0 System Issue?

Mt. Gox Double Payments

Reports on Reddit suggest that some creditors of the failed crypto exchange Mt. Gox have been paid twice. One Reddit user, u/rlycreativename, shared the contents of an email from the Mt. Gox Rehabilitation Trustee that acknowledged the double payment was due to a system issue, and that the user was legally obligated to return the second payment. Several other Reddit users confirmed receiving the same email or the double payment. U/CaptainValor even joked that it could be a late Christmas present.

In response to this, u/PPvotersPostingLs reported that they had sent the double payment back. They suggested not to be too hard on the Mt. Gox Trustee, Nobuaki Kobayashi, as everyone makes mistakes.

As Web 3.0 continues to evolve, it is important to understand how it is different from Web 2.0 and how to prepare for it. Learning about Web 3.0 and how to build a website with it, as well as how to invest in it, can help one stay up-to-date with the latest developments.

The Mt. Gox Hack and Web 3.0

When the Mt. Gox hack occurred, it was one of the first crypto exchange hacks in history. Over 740,000 Bitcoin (BTC) was drained in the attack, which was worth approximately $460 million at the time. Today, the lost funds are valued at over $31 billion. After the attack, Mt. Gox declared bankruptcy, and it took creditors nearly ten years to win a settlement in court and begin receiving payments. On Dec. 26, creditors began receiving settlement payments through PayPal.

Others suggested that the Trust doesn’t deserve to be given the money back, given how difficult it was for creditors to get the money in the first place. “I’ll give it back,” Reddit user u/JALEW stated, but added they will only do so if the Mt. Gox Trust finishes a Know Your Customer (KYC) process with them and waits ten years. Cointelegraph could not immediately reach the Mt. Gox Rehabilitation Trust for comment.

Despite some users joking they will not return the funds, actually carrying out the threat may be risky. In 2022, two sisters in Melbourne were accidently sent over $10 million by Crypto.com. One of the sisters was later arrested for not returning the funds, according to an Australian news report.

Web 3.0 is the latest iteration of the World Wide Web, and it is set to revolutionize the way data is stored, shared, and exchanged. With its decentralized nature, it is important to understand how web 3.0 works, how to learn about web 3.0, and how to prepare for web 3.0. Additionally, it is important to understand the differences between web 2.0 and web 3.0, and how to build a web 3.0 website.