Mt Gox begins paying back customers who have been harmed
Mt Gox was once the largest crypto exchange on earth. Their market share is comparable to today’s industry leader, Binance. In 2014, the Japanese company collapsed after a questionable loss of customer deposits. Now the repayment of 141,686 Bitcoin begins.
Mt Gox starts paying back
After all customer deposits mysteriously disappeared from Mt Gox wallets, the Japanese company filed for bankruptcy in February 2014. A short time later, the group was able to find 141,686 Bitcoin.
At the time of rediscovery on March 20, 2014, these BTC had a total market value of around 80 million US dollars. The price of the largest cryptocurrency was then quoted at 565 US dollars.
It is currently valued at around $3.9 billion. The fact that no repayment has been made to the rightful owners to date has to do with lengthy processes in the Japanese judiciary, which was ultimately responsible for the systems.
As of today, however, the repayment is open . Previous customers of the crypto exchange have been able to specify how their loss should be compensated.
By October 31 of this year, all remaining bitcoin should be returned to the hands of former Mt Gox customers.
Crypto market expects massive sell-off
Such a large amount of Bitcoin is rarely discussed these days. Since all owners are still very much in the black today, many players in the crypto market are expecting a massive sell-off.
To prevent this, the payment is made in several parts. In addition to BTC, BCH also reach investors. Bitcoin Cash was created in 2017 after internal disputes among Bitcoiners through a fork. Accordingly, the Japanese authorities received a congruent number of BCH as they had previously held BTC.
Creditors who only have claims of up to 200,000 yen (about 1,370 francs) will only be paid out in Japanese yen – regardless of which facility they originally purchased on Mt Gox.
All claims above this are split. Creditors will receive 71 percent bitcoin and 29 percent yen if they choose to withdraw in crypto.
