The famous hack of the Mt Gox cryptocurrency exchange in 2014 resulted in the loss of 850,000 Bitcoin (BTC) overnight.
The situation regarding repayments to creditors of the defunct cryptocurrency exchange Mt.Gox has reached another chapter. This follows a registration exercise that just ended in which customers who lost money in the famous Mt.Gox hack were asked to provide their payment information.
at the last statementThe exchange confirmed that the registration time has now passed. However, you have also indicated how you intend to meet payments to creditors.
A statement on April 7 from Nobuaki Kobayashi, the Rehabilitation Trustee, indicates that reimbursement will be made in three folds. It is “principal payment, intermediate payment and early payment of the lump sum”. Kobayashi also added that the payments will continue until October 31, 2023. However, he also says there is a possibility of the date being extended if the Tokyo District Court agrees to it.
Despite the statement, the exact time when Mountain Gox will start paying back is still unclear. However, Kobayashi has hinted that some “necessary preparations” such as confirming payment choices are needed before anything else. This will help make the entire checkout process as smooth as possible, the note suggests.
Mt.Gox Hack: Most Memorable in Crypto History
The famous hack of the Mt Gox cryptocurrency exchange in 2014 resulted in the loss of 850,000 Bitcoin (BTC) overnight. From there on, things were never the same for the stock exchange, forcing it to shut down completely a few months later. So far, the hack remains the largest cryptocurrency-based heist whose shock wave leaked deeper than that of the FTX exchange in 2022.
And now, nearly a decade later, some hack victims still haven’t seen any compensation. Delays have been one after another. This is despite the fact that since 2018 a Japanese court has approved the scheme to compensate the victims.
In total, Mt.Gox has to pay back about $16 billion in compensation to creditors. And some, like its largest creditor, the Mt. Gox investment fund, have opted for an early payout in BTC for less than is owed. This is so that they do not have to wait any longer for a full refund of their claims.
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