Cryptocurrencies

Mt. Gox finally comes to terms: victims get their bitcoin back after 10 years


After more than 10 years of waiting and a legal battle, there may finally be light at the end of the tunnel for the victims of Mt. Gox hack. The bankrupt crypto exchange has announced that it will start paying back its creditors in bitcoin (BTC) and bitcoin cash (BCH) next month.

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Mt. Gox asks for patience

In a statement released, Mt. Gox users to “wait a little longer until the refunds are made”. The bankrupt exchange explains that it needed time to ensure safe and reliable refunds. This includes technical solutions for secure payouts, compliance with financial regulations in different countries and consultation with crypto exchanges on refund arrangements.

Background of the Mt. Gox case

Mt. Gox went bankrupt in February 2014 after losing 850,000 bitcoins, affecting more than 240,000 users. The stock exchange made last month publicly known that she was preparing to repay part of the cryptocurrency claims, either through sale or direct transfer of crypto, depending on the creditor’s choice.

Preparing for refunds

In preparation for the refunds, Mt. Gox transferred more than 140,000 bitcoins, worth approximately $9 billion. A total of 16 bitcoin transactions were sent from Mt. Gox wallets, which coincided with a nearly 2% drop in the bitcoin price.

What does this mean for the crypto market?

The upcoming refunds from Mt. Gox could potentially influence the crypto market. With a significant amount of bitcoin entering circulation, it is important to keep an eye on market reactions. Although this is good news for those affected, it may lead to some price fluctuations in the market in the short term.

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