Mt. Gox has been back in the headlines a lot over recent weeks. The infamous (then-largest) Bitcoin exchange that was hacked in 2014 has yet to compensate its victims for the 850,000 bitcoins that were stolen. But, things could be moving along. The defunct exchange’s creditors will hold another meeting this week.
Mt. Gox Still Largest BTC Hack in History
According to an official document released today, Mt. Gox creditors are taking further steps to move the lengthy process forward. After all, the unfortunate victims of this exchange have been waiting for more than six years for compensation. Moreover, the Mt. Gox hack remains the largest bitcoin hack in the history of the space.
However, it’s still not certain whether the victims will accept the latest offer made by creditors. Previous offers have been rejected many times. The initial offer was $755 per BTC. This was dropped to $600 and then rose to $1300 last month. The best offer yet.
Trading at around $850 a bitcoin just before the hack, six years later the flagship cryptocurrency has significantly risen in value. Whether victims will decide to cut their losses rather than risk zero compensation remains to be seen.
Creditors Meeting Up Again
The brief announcement today simply states that the Rehabilitation Trustee has created a portal through which creditors can view the documents from the meeting due to be held tomorrow. This can be accessed here.
The creditors will also be notified of the password details they need to access the site by email. Currently, the documents available there pertain to partial documents distributed at previous creditors’ meetings. However:
The remaining documents will be uploaded as soon as they have been prepared.
Returning victims’ funds from the Mt. Gox hack has been dogged with difficulty. From slow Japanese court proceedings to owner Mark Karpeles misleading investigators on the financial situation.
The controversial ex-CEO has largely avoided consequences for his part in the hack. Last week, he called on a U.S. District Court to drop the final charge against him. The case is still ongoing.
Do you think Mt Gox victims will finally see compensation before the end of 2020? Let us know your thoughts below!
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The Mt. Gox debacle, originating from the devastating 800,000 Bitcoin hack in 2014, continues, with recent court documents showing that creditors may finally get the money and Bitcoin they deserve.
Mt. Gox extends Bitcoin repayment deadline to Oct 2026 amid ongoing administrative hurdles. Once the top Bitcoin exchange, Mt. Gox’s collapse in 2014 led to the loss of 850,000 BTC. Arkham data shows holdings now down 75% to 34,690 BTC.
Finally, Bitcoin has barreled past the $100,000 threshold, a level predicted by many crypto analysts in the last few months. Related Reading: ‘Bitcoin Jesus’ Roger Ver Slams US Overreach Amid Indictment Battle – Details A longtime inactive cryptocurrency exchange rode on the BTC price surge and transferred more than 24,000 coins to a new wallet. […]
Mt. Gox moved 32,371 Bitcoin to two wallets, amounting to $2. 19 billion The movement follows the transfer of 500 Bitcoin worth more than $35 million In October, Mt. Gox announced it was pushing its repayment deadline to October 31, 2025 Defunct crypto exchange Mt.
The new deadline has been pushed back by a full year, from October 31, 2024, to October 31, 2025, according to a statement published on the exchange's website.
