BlocksInform
Mt.Gox creditors may have a reason to smile after the exchange’s January statement hinted that the creditors could start receiving their Bitcoin (BTC) this month.
It is approximately eight years since mt. Gox hack occurred in early 2014 resulting in the loss of about 850,000 BTC which at today’s bitcoin value is worth more than $20.060 billion making it the worst Bitcoin hack ever as detailed in our Bitcoin statistics research.
Most of the mt.gox creditors have lost hope of getting their bitcoins back since the issue has been hanging around for years. A creditor to Mt. Gox, Adam Back, also the CEO of Blockstream, said through Telegram:
“Well, for myself, I had pretty much written off the Bitcoin I still had on Mt. Gox in 2014 as a loss, so philosophically all I receive now is a cool store bonus. It's been a lot longer than expected, and I'm sure all creditors will be pleased to finally be paid.”
Early repayments to start from March 10
According to Mt.Gox’s January statement, creditors are expected to start seeing early bitcoin repayments from March 10. It is anticipated that the prepayment process will continue for approximately seven months until September 30, 2023.
Prepayments include pre-payments and interim payments. Additional amounts will be refunded in the future.
The creditors of Mt.Gox had to register with a stock exchange and appoint it to receive the refunds in their name. However, the exchanges resulted in a number of delays in the processing of payments. BITGO crypto exchange, for example, said that they will take about 20 days to process the repayments, while Kraken said that processing the payments could take up to 90 days.
The amount of bitcoin to refund.
It is unclear how much Bitcoin will be paid back to Mt.Gox creditors over the repayment period. However, it is clear that it will be a portion of Mt.Gox’s balance sheet that according to a balance sheet in 2019 totals about 142,000 BTC, 143,000 BCH, and 69 billion Yen. It is estimated that the record has not changed significantly since that time.
Applicants are expected to receive approximately 21 percent of the value of the civil pardon application because exchange rates have been reassessed since the filing of the bankruptcy.
According to a moderator of the MtGoxInsolvency subreddit, the first 200,000 The value in yen of the indebtedness of each creditor will be paid in yen. Where the claim exceeds 200000 yen, Lenders will select crypto and cash, where they will receive a 71% cryptography refund and 29% cash refund after the original payment.
