Mt. Gox To Refund $1 Billion To Victims

The Mt. Gox saga, considered worse mishap in the Bitcoin history, is expected to come to an end on a happy note. Today, the Japanese court announced its judgment against Mt. Gox bankruptcy proceedings, covering the return of $1 billion bitcoin to its victim.

According to leading attorney of Nishimura & Asahi law firm, Shin Fukuoka, this is recognized as the victory of creditors. Since an enormous amount of assets will be returned back to creditors.

More about Mt. Gox attack

Tokyo-based Bitcoin exchange which was opened in 2010, eventually collapsed in 2014 with this attack leading to a theft of 850,000 bitcoin which cost around $473 million at that time. Then Mt. Gox was one of the largest exchange in the world compared to any other existed. After the theft, Mark Karpelès, Mt. Gox CEO responded with loss of the bitcoins.

He reported having recovered 2,00,000 some of these lost bitcoins. This bitcoins have been held under company’s estate whilst ongoing legal battle has pursued.

Soon, refund procedure for now-defunct exchange will begin with a high effort to rehabilitate victims. Presently, there are 24,750 approved claims corresponding to the $409 million owed money.

Court has asked former customers to get substantial gain from the exchange in Bitcoin, and not monetary equivalent at the time of Mt. Gox expiry.

In 2014, when Mt. Gox collapsed, Bitcoin was worth $483 – entire 2,00,000 Bitcoin will evaluate to $96.6 million. The recovered fund which has been frozen in the company’s bankruptcy estate is now estimated to be worth $1.2 billion in Bitcoin, in addition to its fork, Bitcoin Cash.

Mt. Gox remains to be a major stain in the face of bitcoin and cryptocurrency industry because of so many years abeyance and lack of resolution. It remains major heist in the industry.