Nearly ten years after the infamous Mt. Gox hack, a glimmer of hope is appearing for creditors. A recent e-mail from the trustee overseeing the bankruptcy estate announces the start of Bitcoin repayments from 2023.
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A hack with far-reaching consequences
The hacking of Mt. Gox in 2014, which resulted in the loss of 650,000 to 850,000 bitcoins, was a real earthquake for the then-emerging cryptocurrency ecosystem. Many users saw their crypto wallets disappear overnight.
Following this collapse, Mt. Gox filed for bankruptcy in Japan, only managing to recover 200,000 of the stolen bitcoins. A complex legal battle lasting several years ensued, with the aim of compensating the aggrieved creditors.
Repayment to begin in 2023
In his e-mail of November 22, 2023, Nobuaki Kobayashi, the trustee responsible for the Mt. Gox, announced its intention to begin the process of compensating creditors as from 2023.
All in all, approximately 141,686 BTC and 143,000 BCH (Bitcoin Cash) from Mt. Gox reserves will be gradually redistributed to victims between 2023 and 2024. With the rise in prices since the collapse, this represents a financial windfall considerably greater than the initial amounts.
Creditors are invited to check their contact details on the dedicated system. Although the precise timetable has yet to be defined due to the large number of files and administrative delays, this announcement undeniably marks a turning point for the victims of this resounding piracy.
The end of a long tunnel for aggrieved creditors
After years of uncertainty, desperately waiting for a resolution, aggrieved creditors are finally seeing the light at the end of the tunnel.
The imminent announcement of the operational launch of the compensation process is a real breath of fresh air, even if all the practical details and the final timetable have yet to be defined by the trustee.
For the victims of one of the largest crypto exchange hacks to date, the nightmare is finally coming to an end. The patience and tenacity of aggrieved creditors are finally being rewarded. At least, that’s what we hope…
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
