Users of collapsed bitcoin exchange Mt. Gox have been trying to get their money back for a decade. From the beginning of July, the company will begin paying users back their funds.
Kiyoshi Ota | Bloomberg | Getty Images
Mt. Gox, the Japanese bitcoin exchange that collapsed into bankruptcy a decade ago after a major hack, is finally set to repay creditors, who are being rewarded handsomely for their patience.
Up to 950,000 bitcoin were lost in the 2011 hack, at a time when the cryptocurrency was trading for a tiny fraction of its current value. Some 140,000 of those coins were recovered, a haul that, at today’s prices, means that roughly $9 billion worth of bitcoin will be returned to its owners.
Among the claimants is Illinois native Gregory Greene. Soon after the exchange declared bankruptcy in February 2014, Greene filed a class action lawsuit against Mt. Gox and its former CEO. Greene said at the time that his frozen account contained $25,000 in bitcoin, though he didn’t disclose the exact number of coins in his wallet.
Bitcoin was then trading at roughly $600. Today it’s worth over $60,000. That suggests Greene’s lost stash, at current prices, would be worth about $2.5 million, a 10,000% gain. However, it’s unclear how much he’ll receive in the payouts, which are expected to start rolling out in July.
John Glover, chief investment officer of crypto lending firm Ledn, said creditors are about to get a historic windfall.
“Many will clearly cash out and enjoy the fact that having their assets stuck in the Mt. Gox bankruptcy was the best investment they ever made,” Glover told CNBC.
What was Mt. Gox?
Mt. Gox was an online marketplace where people could buy or sell bitcoin using different currencies. At the height of its success, the platform was the largest spot bitcoin exchange in the world, claiming to handle around 80% of all global dollar trades for bitcoin.
The company, whose acronym was created from the name “Magic: The Gathering Online Exchange,” shuttered in February 2014 after a series of heists.
Mt. Gox blamed the bitcoin disappearance on a bug in the cryptocurrency’s framework. While users were receiving incomplete transaction messages when accessing the exchange, in reality coins may have been illicitly moved by hackers out of their accounts, Mt. Gox said.
On Monday, the court-appointed trustee overseeing the exchange’s bankruptcy proceedings said distributions to the firm’s roughly 20,000 creditors would begin next month. Disbursements will be in a mix of bitcoin and bitcoin cash, an early offshoot of the original cryptocurrency.
Alex Thorn, head of research at crypto asset management firm Galaxy Digital, said in a note last month that the vast majority of creditors he’s spoken with have said they will take a payout in-kind, meaning in cryptocurrency rather than fiat. They’ll also be largely holding on to the assets.
Many of the top holders with claims to Mt. Gox assets, he said, are well known in the bitcoin world. They include early bitcoin investor Roger Ver, Blockstream co-founders Adam Back and Greg Maxwell, and Bruce Fenton, former executive director of the Bitcoin Foundation.
Some will ‘take the money and run’
Based on conversations with institutional investors due for payouts, “we do not believe there will be significant selling from this cohort,” Thorn wrote.
However, Glover, who was previously a managing director at Barclays, said there’s still likely to be significant selling among creditors who, after years of waiting, have the opportunity to lock in massive gains.
“Some will clearly choose to take the money and run,” said Glover.
Analysts at JPMorgan Chase said the potential for heavy selling from Mt. Gox creditors creates “downside risk” next month, though it would be short-lived.
“Assuming most of the liquidations by Mt. Gox creditors take place in July, [this] creates a trajectory where crypto prices come under further pressure in July, but start rebounding from August onwards,” the analysts wrote.
There’s also the likelihood that a number of bitcoin investors in Mt. Gox have already cashed out. In the 10 years since the exchange filed for bankruptcy, a secondary market sprung up for those who wanted to liquidate their bankruptcy claim. Those who have held out are the true believers, Thorn said.
“Thousands of these creditors have waited 10 years for payouts and resisted compelling and aggressive claims’ offers during that time, suggesting they want their coins back,” said Thorn. He said he expects limited selling pressure but acknowledged that if even 10% of the bitcoin distributed is sold “it will have a market impact.”
Certain tax consequences may deter sales.
Luke Nolan, ethereum research associate at digital asset management firm CoinShares, said a big reason Mt. Gox creditors opted for in-kind reimbursement has to do with the tax implications. And JPMorgan said in a note on Monday that people are leaning toward accepting their disbursement in crypto, “either for tax reasons or because they think that liquidating now would void potential further price gains in future.”
Glover said there are ways to sidestep a big capital gains tax while still taking advantage of bitcoin’s huge run-up in value.
“Those in jurisdictions with capital gains tax may elect to hold their positions to avoid this huge tax bill,” Glover said, “and instead use their bitcoin as collateral to borrow dollars, thus monetizing the bitcoin without having to sell it.”
Yolo County, California depends on its climate for continued agricultural success. As such, the county’s leaders are taking environmental stewardship seriously by aiming for full carbon neutrality by 2030. To help achieve that goal, they’re putting zero-emission machinery like the Volvo DD25 Electric compactor to work.
We got our first chance to sample the DD25 Electric at Volvo Days last summer, where the all-electric tandem roller’s vibrating drums impressed dealers and end users alike. It was no surprise, then, that when Yolo Country fleet superintendent, Ben Lee, when shopping for a compactor the DD25 Electric was high on his list.
“The DD25 Electric will help us achieve our goals in several ways,” explains Lee. “By reducing emissions, lowering noise levels, being more energy-efficient, improving working conditions and promoting environmentally friendly practices … we’ll use it to compact soil, gravel and other base materials for road and foundation projects, as well as rolling out and leveling asphalt during road construction and resurfacing.”
To help Lee handle those various projects, the Volvo’s drum frequency can be adjusted from 3500 vpm (55 Hz) to 4000 vpm (67 Hz) to cater to different applications and materials.
Getting power to the compactor, too, is something Yolo is considering. “There are some remote areas in the county, so we’re looking into a mobile, self-contained charging unit as well,” explains Lee, apparently referencing the Volvo PU130 mobile battery. “So we wouldn’t have to bring the machine back to the yard each night during a long-term project.”
Yolo County views electric equipment as an essential step in reducing emissions and energy consumption, especially as communities work towards stricter regulations and sustainability goals.
Electrek’s Take
This press release came to us ahead of the devastating wild fires in Southern California that are dominating headlines right now – so much so that I effectively sat on the news for a few days, debating whether or not we should even be talking about a California news story that isn’t about the fires right now.
But I realized: this story is about the fires. Climate change driven by combustion and carbon emissions is driving climate change and that’s making fires like these possible … and I should have run it sooner.
Kubota came to this year’s CES with a sprawling display filled with electric equipment, hydrogen gensets, and an onslaught of commercial robots ready to mow, farm, dig, and build. If you weren’t impressed by Kubota’s display this year, you weren’t paying attention.
Kubota gave us a sneak peek of its KATR farm robot – itself a smaller, updated version of last year’s New Agri Concept – before the doors officially opened last week. Kubota’s robotic farm buddies promise to be able to quietly and autonomously haul stuff from one end of the farm to another, or pull carts and specialized implements along predetermined paths.
KATR uses self-leveling technology and active suspension to ensure its cargo deck stays level when working on the sort of uneven terrain found on farms or construction sites.
That doesn’t mean the New Agri Concept is dead, though. Agri Concept 2.0 debuted as an electric tractor concept offering AI-powered automation and a fully electric powertrain. The new version features a Lite Brite-style “grille” that it uses to communicate its current mode, direction, and other important information with the people it shares a job site with.
On the more practical side, Kubota showed off its KX38-4e Electric compact excavator. First shown in overseas markets in 2022, the KX38-4e Electric features a 49.2 kWh lithium-ion battery that’s good for up to five hours of continuous operation. More than enough to complete a typical day of work on a construction site when you factor out idle time.
An onboard DC fast charger means it can be quickly recharged between shifts, too. But when there’s no grid power on the site, charging can be a challenge. That’s why Kubota has hydrogen genset for zero-emission on-site power generation.
Kubota electric excavator.Kubota Denyo hydrogen genset.
Looked at individually, each of the new electric Kubota products on display might be impressive. The real magic, though, is in the way the Kubota machines work together as a holistic job site or farm solution.
“At Kubota, we believe that truly listening to our customers drives innovation in every aspect of what we call the ‘Work Loop’,” explains Brett McMickell, Chief Technology Officer of Kubota North America. “The Work Loop — an essential cycle of assessing, analyzing, and acting — has always been fundamental to effective task management. With the integration of advanced sensors, AI-driven analysis, networking protocols, automation, and robotics, we are enhancing this cycle to be more seamless and efficient than ever before.”
That was obvious in some of the more thoughtful implements and attachments on display, including a Smart Plant Imager that uses advanced robotics and “hyper-spectral imaging” cameras to capture real-time data and insights on a plant-by-plant level – as well as a Smart Autonomous Sprayer and Robotic Pruner that that classifies buds and canes based on position and fruiting potential, it optimizes production precision and accuracy.
The more you look, the more impressive Kubota’s farming solution gets. “We will continue to learn from many of our customers across segments to iterate the next product and technology solution that will help them manage tomorrow’s challenges and grow their businesses,” McMickell added. “This is how Kubota works to make a better quality of life for individuals and society.”
The e-bike industry has stalled a little bit in terms of features, and with harsh new legislation coming in from places like California, maybe it is time to start looking at e-bikes that are light, efficient, and smooth rather than how much wattage they can output. The Tenways CGO 600Pro, which comes in at just 37 pounds, is a model e-bike you should keep an eye on…
The CGO 600Pro comes in 2 flavors: a carbon belt single-speed version that Micah reviewed and this one, which is a chain and 8-speed Shimano gears. The belt drive is going to win out on simplicity and weight but if you are expecting to get close to the ‘class 1’ top speed of 20mph or need to go up some significant hills, you’ll want to opt for the chain/gear version here.
One thing I love about this bike is the tradeoff decisions. These keep the price low and weight down while still providing a great ride. The spec sheet overall is solid but not top-shelf.
Tenways CGO600 Pro tech specs (chain/geared version)
Motor: 350 Watt rear hub motor with 45 Nm of torque
Top speed: 20 mph (32 km/h)
Range: Claimed up to 53 miles (85 km)
Battery: 36V 10Ah (360 Wh)
Weight: 37 lb (16.8 kg, over 40lbs with fenders, kickstand, etc)
Frame: 6061 aluminum alloy
Tires: CST Puncture-proof 700*45C-size Tires
Brakes: Tektro dual-piston hydraulic disc brakes
Gearing: Shimano 8-Speed Claris
Extras: Compact LED display, 4 pedal assist levels, slim fender set, kickstand, internally routed cables, LED lighting, removable battery, Tenways app integration, torque sensor, four color options
No Throttle?
Note that as a class 1 e-bike, neither belt/chain version has a throttle. While this may be controversial to some, it not only simplifies the bike, it makes it a Class 1, which will be legal in the most places. I tend to think of no throttle as a “foot throttle” and for the commuter application, this will serve well. Would I appreciate a throttle on a hill start? Perhaps.
The idea of this bike is to just enhance your pedal bike experience. You are going to get some exercise on this bike versus a bike that is a glorified low-power moped that runs on throttle with vestigial pedals.
More importantly, the torque sensor here is phenomenal; I mean, it is probably the best torque sensor I’ve ridden connected to a rear hub motor. The acceleration is smooth and strangely powerful for the 350W/45nm motor. Significant hills are a breeze, and this is one of the few bikes where I forget that I’m using an e-bike sometimes (until I look down and I’m going 20mph with little effort). Hills are also where the gearing really helps.
The tires are also the perfect size for a commuter with puncture resistance and treads that will do OK in rain and snow.
The bike itself is also very stealthy in terms of showing that it is a powered e-bike. The small 36V, 10Ah battery is integrated magnificently into the narrow downtube of the bike. All of the cables are integrated into the bike frame for a super-clean look. The rear hub motor is small but packs a punch. Many people won’t even recognize this as an e-bike. While I’m proud to be riding an e-bike around, perhaps some people would like to keep that on the down-low.
Brakes are great with hydraulic Tektros clasping against 160mm rotors in front and back. It is such a light bike that stopping can be jarring.
Assembly was super easy and took about 30 minutes with the included tool set. The battery came about 40% charged but was ready to go within a few hours with the 3A charger. Shoutout to Tenways for using a water-resistant standardized barrel charger adapter and not some proprietary adapter so that I can use one from another bike when I inevitably lose it.
Electrek’s take
The Tenways CGO600 is a fantastic light, clean, stiff and smooth e-bike that I have 0 reservations about recommending. While the battery and motor are small, they power the light bike admirably and for around 50 miles (your mileage will vary).
Currently there is a $200 off promotion code “HAPPY2025TW” at checkout bringing the CGO600Pro down to $1399 which is an amazing price for this bike:
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