Mt Gox to process Bitcoin refunds
Mt. Gox creditors now have a chance to get a portion of their lost Bitcoins back before the lawsuits settle. According to Bloomberg, CoinLab has said an agreement between the trustee and MGIFLP will allow creditors to consider an offer for 90% of the BTCs from the bankruptcy. Of course, creditors and investors do not necessarily need to take the offer and can await until the legal claims are settled.
The Biggest Bitcoin Hack
Founded in 2010, Mt Gox processed 70% of all Bitcoin transaction at its peak. In 2014, the exchange was hacked and 844,408 BTC were siphoned from it. 100,000 BTC belonged to the exchange itself.At the time, they were worth about $850 Million, today they amount to over $30 Billion (1 BTC = $36,000).
Naturally, customers were angry and came knocking on the exchange's doors in Japan looking for refunds who did not have the ability to fulfill these requests. As a result, the exchange filed for bankruptcy.
200,000 BTC Found
One month after filing for bankruptcy in Japan, where the exchange was based, 150,000-200,000BTCs were recovered and later put in control of trustees to manage the bankruptcy proceedings. The process has taken years, but refunds may be soon underway.The Trustee Nobuaki Kobayashi, a lawyer appointed to overview investor repayments, has put out an announcement on January 7th, announcing the online claims portal. Users are able to register their rehabilitation claims on the website.
Market Effect
The market mainly perceives this news as bearish. Bitcoin investors, from the Mt Gox days, have realised a large profit, many of whom may solidify it by selling their coins.The timeline of the refunds is yet to be announced.
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