Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01253
More than 47,000 BTC valued at approximately $2.7 billion were moved from cold storage
ConstrainedCase description
On 5 July 2024, Mt. Gox rehabilitation trustee Nobuaki Kobayashi announced that repayments of Bitcoin and Bitcoin Cash had commenced. The first distributions were sent to creditors whose accounts were registered with the designated exchange partners: Kraken (90-day processing), Bitstamp (60 days), BitGo (20 days), and Japanese exchanges SBI VC Trade and Bitbank (14 days). More than 47,000 BTC valued at approximately $2.7 billion were moved from cold storage on 4 July in preparation. As of 24 July 2024, approximately 40% of the repayment plan—covering more than 53,000 BTC distributed to approximately 13,000 creditors—had been completed. Roughly 20,000 creditors awaited distributions.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Constrained |
| Documentation | Unknown |
| Year observed | 2024 |
| 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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