The Mt. Gox Hack: Almost a Decade Later, Two Russian Hackers Have Been Identified

Introduction

The cryptocurrency exchange, Mt. Gox, has been long known for one of the worst hacks in the history of Bitcoin. The loss of over 800,000 BTC from customers led to its bankruptcy in 2014. However, almost a decade later, recent developments in the case reveal that two Russian nationals were responsible for the hack. This article will explore the details of the Mt. Gox hack, the identity of the two hackers, and how the situation still remains unresolved.

Two Doers Behind the Mt. Gox Hack Found

According to a press release from the US Department of Justice, two Russian nationals, Alexey Bilyuchenko (43) and Aleksandr Verner (29), were responsible for the series of hacks that led to the Mt. Gox bankruptcy in 2014. The duo had stolen about 647,000 BTC samples from 2011 until the bankruptcy of Mt. Gox. Using this money, Bilyuchenko set up the infamous exchange BTC-e with the help of Alexander Vinnik, another Russian national. The new company received at least 300,000 BTC of the stolen tokens.

The Aftermath of the Hack

In 2017, the Ministry of Justice announced that the BTC-e trading platform, which was established by Bilyuchenko, was laundering large sums of money for cybercriminals worldwide. After laundering, the majority of the coins were converted into fiat currency. Bilyuchenko was arrested in Russia in 2019 for running the exchange. The whereabouts of Verner, the other perpetrator, are unknown. Others who were involved in the hacks were not named, and they could be in Russia. It is uncertain whether there will be any extradition between the United States and Russia due to the political situation.

Mt. Gox Fiasco Still Unsolved

Since the series of hacks that led to the bankruptcy of Mt. Gox, creditors have been trying to recover their lost funds. Former customers were able to retrieve some of their coins and/or fiat currency through the courtroom, but the situation remains unsolved. According to the current schedule, the distribution of the remaining BTC, Bitcoin cash (BCH), and US dollars will take place on October 31, 2023. Until then, the affected customers still have to wait for their funds.

Conclusion

The Mt. Gox hack will always be remembered as one of the biggest and most significant events in the history of cryptocurrency. The recent revelation of the identities of two Russian nationals responsible for the hacks and subsequent creation of another cryptocurrency exchange has brought some closure to the situation, but the problem remains unresolved. It is only a matter of time before the funds are distributed to the affected customers, but the repercussions of the Mt. Gox hack will continue to linger in the cryptocurrency industry for years to come.