Mt. Gox To Give $1.3 Billion Back to Its Users
August 7, 2018
Creditors of the currently dissolved crypto exchange Mt. Gox has made another step towards recovering their lost bitcoins after the latest court decision.
Back in November 2017 a group of Mt. Gox lenders who suffered from stealing 744 000 BTC and the exchange bankruptcy that followed gathered together and lodged a petition to get their funds back.
In the following months the case was heating up and in June this year the court decided the compensation must be accomplished in BTC and BCH that is more than 1.3 billion USD by the current market price. The decision moves on by saying that the payments must be made via affordable exchanges the creditors have accounts at.
Until recently courts supported the creditors in their attempts to get their lost funds back. This decision just sets them a step closer to the recovery of the lost digital assets that have significantly grown in price since 2014 when the Tokyo-based exchange first claimed bankruptcy.
Nonetheless, the court decision states that Mt. Gox hasn’t got enough BTC to fully recoup the stolen funds. So the payment is quite likely to be made by the 2014 rate. But given the Bitcoin price growth some creditors are likely to get their compensations.
In general this is a positive bit of news for those who are afraid of exchanges potentially going bankrupt as now it will be much more difficult for companies to cheat on its customers and make off with their funds.