The Mt. Gox hack has been one of the most important events in the cryptocurrency space since Bitcoin appeared in the market. Now, a Japanese court rules that the exchange bankruptcy is over, which may lead to victims to receive their funds.
Mt. Gox Victim’s Payout
The cryptocurrency world is full of cryptocurrency exchanges, and lots of them have suffered from hacks and attacks. Users in those exchanges may have lost part of their funds or everything they have, and in most of the cases, the companies behind exchanges were not able to pay the victims.
Mt. Go was the most important virtual currency exchange back in 2013/2014, and yes, it got hacked. They lost 850,000 Bitcoins, which were worth $473 million at that time. Today this number would be more than $5.1 billion dollars.
200,000 coins were found and frozen because the bankruptcy proceedings began. Users did not have any chance to sell the coins, but instead, they had to hold them until now. The Tokyo District Court decided to put a stop to the bankruptcy procedure beginning a process called civil rehabilitation. That means that Bitcoin and Bitcoin Cash held by the exchange can now be handed out to debtors and customers.
There are over 170.000 coins with a market value of $1.2 billion dollars. But there is good news for those who want to get their money back. They will receive the current market value for the coins they had at the exchange.
Mark Karpelès, former CEO of Mt. Gox at the time of the hack, said:
“I hope entering civil rehabilitation will be for the best of everyone. As I said previously I am not expecting any kind of profit from this and only hope everyone will be repaid as much as possible as soon as possible. Creditors worked hard for the purpose of seeing civil rehabilitation happen and I will continue to help as much as I can.”
At the moment it is necessary to wait until February 14th, 2019. The trustee has time until this date to handle the payouts, and creditors will need to file their claims. That means that creditors might not see their funds until half of the next year.