Defunct Bitcoin Exchange Mt. Gox to Pay $9 Billion to Creditors, Closing Six-Year-Old Chapter


The Mount Gox, Tokyo, Japan-born bitcoin exchange suffered an unfortunate fate after losing 850,000 bitcoin tokens in a hack attack in 2014. Mount Gox has announced that it will return $9 billion (about Rs 67,531 crore) to customers who lost their money at the time, and has since bombarded the dormant company with legal notices and complaints. At the time of this hack attack, the stolen bitcoin was worth around $500 million (approximately Rs 3,751 crore), a value that has now multiplied and bitcoin is currently trading at $63,925 (about Rs 48 lakh) per token.

in an officer Announcement, Nobuki Kobayashi, Attorney-at-Law mount gox It turns out that the creditors had approved the distribution of the theft. bitcoins For those who suffered losses if they ever recovered.

“Depending on the situation, the confirmation order is expected to be final and binding in approximately one month from today,” the announcement said.

The company will reach out to the respective former customers with detailed information regarding specific timings, procedures and repayment amount.

NS cryptocurrency The exchange platform was launched in 2010, just a year after the first bitcoins were mined by an unknown person with a pseudonym. satoshi nakamoto.

Soon after its launch, this Japanese exchange emerged as the “largest” bitcoin exchange in the world, a report good Coinnounce noyed by news portal.

Despite being able to recover 200,000 bitcoins in 2014, Mount Gox suffered major losses. The company resorted to filing for bankruptcy.

In March 2019, a court in Japan sentence suspended For four years for Mount Gox founder Marc Karpeles, the French citizen was found guilty of data manipulation but acquitted of embezzlement charges.

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