Long-time Mt. Gox creditors have a reason to smile after being informed they could receive their Bitcoin (BTC) this month! The exchange's January statement suggests that creditors can look forward to payments beginning on March 10th.
After the scandalous hack of 2014, Bitcoin valued at a mammoth $20.060 billion was effectively stolen, making it the worst Bitcoin hack ever! Throughout the years, creditors had lost all hope of recovering any of the funds; Adam Back, Blockstream CEO and creditor, said, “Well, for myself, I had pretty much written off the Bitcoin I still had on Mt. Gox in 2014 as a loss...”.
Creditors are expected to receive early lump sum payments and intermediate payments, and later repayments. The full extent of repayments is still unknown, as the total balance sheet - which in 2019 was estimated as 142,000 BTC, 143,000 BCH, and 69 billion Yen - is still in unknown territory. Further repayments could involve 21% of the original claim value and the first 200,000 Yen worth of the claim to be paid in Yen.
The repayments could take up to 90 days to process, according to Kraken. It’s been a long 8 year wait for the creditors, but the wait is almost over!
Key Points
- Creditors may start receiving their Bitcoin (BTC) from March 10th.
- Mt. Gox hack was the largest Bitcoin exploit in the history of cryptocurrencies.
- The total balance sheet is estimated as 142,000 BTC, 143,000 BCH, and 69 billion Yen.
- Creditors could receive 21% of the original claim value and the first 200,000 Yen worth of the claim to be paid in Yen.
- Repayments could take up to 90 days to process.
tl;dr
After 8 long years, Mt. Gox creditors can expect to receive their Bitcoin (BTC) from March 10th. Bitcoin valued at $20.060 billion was stolen in 2014, making it the worst Bitcoin hack ever. Creditors may receive repayments of up to 21% of the original claim value and the first 200,000 Yen worth of their claim to be paid in Yen.