I believe it. We know there have been times when withdrawals of BTC stopped and the stated resolution was that they had to top off the hot wallet from cold storage. Now you might think it would be pretty dan hard to be scammed for years and not notice so many missing coins but we also know they are incompetent so I'm gonna say this could be legit.
Yeah, but how incompetent can you be to lose 700k of coins? I mean at some point you'd look and say, "hey, that's weird, we only have 400k left in our cold storage!"
It's entirely possible that the "leak" is a cover story for someone at the company getting rich. Or that an insider knew the company had a security hole and exploited it while incognito.
The downside to helping out Gox is that the incompetent people don't pay. I'd suggest those with deposits would see a better return if they allowed Gox to go bankrupt, then filed a class-action lawsuit in an attempt to pierce the corporate veil and go after the company's officer's assets. It might still be pennies-on-the-dollar but it wouldn't be zero pennies.
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