general

Cryptocurrency exchange Mt.Gox creditors agree to receive $9 billion in damages

Cryptocurrency exchange Mt.Gox creditors agree to receive $9 billion in damages

The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles

Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles

Answer Cryptocurrency exchange Mt.Gox creditors agree to receive $9 billion in damages

In a move that may eventually bring an end to one of the crypto industry’s oldest epic stories, crypto exchange Mt.Gox has decided to pay over $9 billion to its creditors.

The custodian of expired trading platform Mt.Gox has revealed that creditors have approved his plan to distribute the bitcoin that recovered from the hack years ago.

Mt.Gox was launched by blockchain developer Jade McCaleb in 2010 and later acquired by Mark Karpeles and was at one time the largest bitcoin trading platform in the world.

But in early 2014, the platform was hacked and about 850,000 bitcoins, worth $500 million at the time, were stolen.

Since then, investors who have lost their fortunes have been involved in endless legal battles trying to get their money back.

Read:Twitter founder explains why no cryptocurrency can replace Bitcoin’s stature

It seems that this long struggle will end.

In a statement on October 20, the Japan Stock Exchange’s rehabilitation trustee revealed that a large majority of creditors approved a plan first proposed about a year ago.

Trustee Nobuaki Kobayashi revealed that 99% of creditors voted in favor of the plan.

The plan was sent to the Tokyo District Court.

stated Platform Guardian:

Depending on the situation, the confirmation order is expected to become final and binding within approximately a month from today.

In the years following the hack, some bitcoin has been recovered, and creditors are expected to participate.

According to the documents on its website, Mt.Gox owns about 141,686 bitcoins, with an approximate value of $8.9 billion.

It also owns 142,846 Bitcoin Cash, worth $89.7 million, as well as 69.7 billion won ($610 million).

While no official date has been set for the payment and compensation, Avi Felman of BlockTower Capital believes it will be an important date for the industry.

I told Bloomberg:

It is a date that every market participant should watch.

Read:Britain accuses Bitcoin exchange BitMEX of spreading misleading advertising

From our side in Arab Bitcoin, we will cover and follow the compensation process and publish the official date for the start of compensation in its time.

Read also:

Twitter CEO: Hyperinflation will change everything and it is already happening

CME Bitcoin Futures Rate Rise to 265% in October…What Does That Mean?


And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time

Previous post
Study: 55% of Brits believe banning Bitcoin will not make the planet greener
Next post
Twitter CEO: Hyperinflation will change everything and it is already happening