7 years after bankruptcy, customers could get some of their money back
Mt Gox users could get some of their lost money back. (Photo: Primakov / Shutterstock.com)
No time right now?
In 2014, around 850,000 Bitcoin were lost on the Mt Gox crypto exchange. Now those affected could be compensated, albeit with significant losses.
In 2014, Mt Gox had to file for bankruptcy after the company lost 850,000 Bitcoin. The courts have been dealing with the case ever since. Now there is a ray of hope for former customers for the first time: The insolvency administrator of Mt Gox has reached an agreement with the investment company Fortress. Thereafter, Mt Gox customers could get at least part of their money back. That comes from a report by the business intelligence service Bloomberg. The agreement has yet to be approved by the creditors.
Those who deposited Bitcoin at Mt Gox should not get everything back after the now negotiated deal. According to Bloomberg Former customers should only receive 0.23 Bitcoin for every Bitcoin they lose. However, the investors do not have to accept the deal. They are still free to wait for the complaints that are still pending to end. But even a partial payment would be worth significantly more today than it was seven years ago. On the day Mt Gox filed for bankruptcy, the Bitcoin price was $ 489. As of today, a Bitcoin is worth more than $ 37,000.
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Mt Gox: the fall of what was once the world’s largest crypto exchange
Mt Gox was founded in Japan in 2010 and at one point processed 70 percent of all Bitcoin transactions worldwide. Four years later, the marketplace unexpectedly closed after about 850,000 Bitcoin were lost. Around 250,000 Bitcoin could be found again. Mt Gox boss Mark Karpelès was later charged with embezzlement, but acquitted of the charges. However, the court considered it proven that Karpelès had forged documents in order to artificially increase the cash holdings of his trading platform. For this, Karpelès was sentenced to 30 months probation by a Japanese court.
Also interesting: the financial market regulator warns: crypto investors should be prepared for a total loss
