Wednesday, January 20, 2021

Cryptoexchange Claims It Can Recover 90 Percent Of Bitcoin Held In Mt. Gox

For season cryptocurrency veterans who have been trading in Bitcoin for a long time, you would have most certainly heard of Mt. Gox, the drama that surrounded the cryptoexchange, followed by its eventual bankruptcy that left hundreds of thousands of Bitcoin in Limbo.

Now, nearly seven years since its bankruptcy, CoinDesk, one of Mt. Gox’s largest creditors, says it should be able to help investors that have a stake in the 850000 Bitcoin within the exchange, to recover up to 90% of that amount. The news comes after the creditor reportedly cut a deal with Mt. Gox’s bankruptcy trustee and will give investors two choices: agree to early payment, or wait for the ongoing litigation to finish in order to recover more.

Mt. Gox filed for bankruptcy in 2014, after its CEO, Mark Karpeles, was accused of embezzling funds from the exchange. Karpeles was eventually found not guilty of the accusation but was given a four-year suspended sentence to 30 years in prison by a Japanese court. After it had found him guilty of tampering with evidence pertaining to the case.

Most of the Bitcoin in Mt. Gox still remains in limbo, and for each coin that has a bankruptcy claim on it, CoinDesk says the trustee will only be able to payout 0.23 BTC. While only a fraction of a full coin, the good news is that one Bitcoin is currently worth RM150000 on average. So, if an investor had an investment of 100 BTC, they would be getting 23 BTC, which would be worth around RM3.46 million.

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