Money Mt Gox: 7 years after bankruptcy, customers could get some of their money back

17:30  19 january  2021
17:30  19 january  2021 Source:   t3n.de

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Mt . Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan. Launched in July 2010, by 2013 and into 2014 it was handling over 70% of all bitcoin (BTC) transactions worldwide

After the hack, Mt . Gox applied for bankruptcy , in an effort to save themselves without any consideration for the thousands of users who lost One can only hope we are not witnessing another Mt Gox in the making, as the exchange seems to be putting itself first and its users very much second.

In 2014, around 850,000 Bitcoin were lost on the Mt Gox crypto exchange. Now those affected could be compensated, albeit with significant losses. Nutzerinnen und Nutzer von Mt Gox könnten einen Teil ihres verlorenen Geldes zurückerhalten. © Primakov / Shutterstock.com Mt Gox users could get some of their lost money back.

In 2014, Mt Gox filed for bankruptcy after the company lost 850,000 Bitcoin. The courts have been dealing with the case ever since. Now there is a ray of hope for former customers for the first time: The insolvency administrator of Mt Gox has reached an agreement with the investment company Fortress. Thereafter, Mt Gox customers could get at least part of their money back. That comes from a report by the business intelligence service Bloomberg. The agreement has yet to be approved by the creditors.

Anyone who deposited Bitcoin at Mt Gox should not get everything back after the now negotiated deal. According to Bloomberg , former customers should only receive 0.23 Bitcoin for every bitcoin they lose. However, the investors do not have to accept the deal. They are still free to wait for the complaints that are still pending to end. But even a partial payment would be worth significantly more today than it was seven years ago. On the day Mt Gox filed for bankruptcy, the Bitcoin price was $ 489. As of today, a Bitcoin is worth more than $ 37,000.

Adler application for insolvency under self-administration granted

 Adler application for insolvency under self-administration granted The district court of Aschaffenburg granted Adler Modemärkte AG's application for the opening of preliminary insolvency proceedings under self-administration. © Provided by Finanz.net TORU YAMANAKA / AFP / Getty Images This was announced by Adler on Tuesday. The process should serve to continue the 170 Adler branches in Germany and Europe and to reorganize the company via an insolvency plan.

TOKYO (Reuters) - Mt . Gox , once the world's biggest bitcoin exchange, filed for bankruptcy protection in Japan on Friday, saying it may have lost nearly half a billion dollars worth of the virtual coins due to hacking into its faulty computer system. The collapse caps a tumultuous few weeks in which the

Mt . Gox , at one point the world’s largest crypto exchange, went into bankruptcy in 2014 shortly after its operators discovered that some 850,000 bitcoins had been stolen from its wallets. While some of these funds were later recovered, the exchange never did.

Mt Gox: The fall of what was once the largest crypto exchange in the world

Mt Gox was founded in Japan in 2010 and at times processed 70 percent of all Bitcoin transactions worldwide. Four years later, the marketplace unexpectedly closed after about 850,000 Bitcoin were lost. Around 250,000 Bitcoin could be found again. Mt Gox boss Mark Karpelès was later charged with embezzlement, but acquitted of the charges. However, the court found it proven that Karpelès had forged documents in order to artificially increase the cash holdings of its trading platform. For this, Karpelès was sentenced to 30 months probation by a Japanese court.

Also interesting: Financial Market Authority warns: Crypto investors should be prepared for a total loss

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