Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01185
Some creditors received fiat payments via bank transfer and PayPal in December
ConstrainedCase description
In November 2023, the Mt. Gox trustee sent an email to creditors stating that cash repayments would commence 'shortly' within the 2023 calendar year but would likely 'continue into 2024' given the large number of claimants. Some creditors received fiat payments via bank transfer and PayPal in December 2023—approximately ten years after the exchange's 2014 collapse. Bitcoin repayments did not commence until mid-2024. The extended timeline illustrated the compounding of documentation barriers, jurisdictional complexity, and sheer scale.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Constrained |
| Documentation | Unknown |
| Year observed | 2023 |
| Country | Japan |
Structural dependencies observed
What this illustrates
Getting access back required help from an institution — and that help wasn't available. Whether full access was ultimately possible is unclear, but significant delay or outside intervention was involved.
Outcome interpretation
Access remained possible, but only with delay, dependence, or significant difficulty.
Source
Publicly Reported
Evidence type
News article
Related cases involving vendor lockout
This archive documents observed custody survivability failures. It does not attempt to document all Bitcoin losses or security incidents.
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Framework references
Where Bitcoin Custody Intersects Legal and Fiduciary Authority
Where custody creates gaps in estate planning, fiduciary duty, and professional responsibility.
Professional Scope Boundary Matrix
What each professional or product covers, what they do not, and where gaps form between them.
The Independent Assessment Layer in Bitcoin Custody
How independent diagnostic layers emerge when multiple parties depend on shared infrastructure.
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