Bitcoin’s Biggest Blackhole Mt. Gox Preps to Refund Affected Users $1B Worth of Stolen Funds

At last, victims of the Mt. Gox exchange saga can now breathe as the exchange prepares to fully refund a billion dollars’ worth of cryptocurrency.

Mt. Gox suffered a hack in 2014, which affected many users across the globe, losing about $1B worth of bitcoin. The exchange now has some great news for the victims following an announcement about ongoing preparations to conduct a refund.

As stated on the company’s website through a press release, users can now access their refunds through an online tool purposely made for submitting claims, which has also been made accessible on the webpage too.

It is however, important to note that the claims have only been made accessible to the individual users only. As for the corporate creditors, they will have wait a bit longer as a similar process will also be made available to them at a later date.

More like bankruptcy proceeding, Mt. Gox said that the rehabilitation trustee has built a system that’s dedicated to the refund process, stating that the affected users can proceed and fill all the necessary documents to provide proof that they’re entitled to a return.

“Users around the world can, without using time or money, easily participate in the Civil Rehabilitation Proceedings through filing proofs of Exchange-Related Rehabilitation Claim in accordance with the Civil Rehabilitation Act of Japan and other laws and ordinances,” the announcement stated.

Mt. Gox Hacking Brought Down the Exchange

Mt. Gox is one of the pioneering exchanges which opened its doors back in 2010. However it only experienced exponential growth in the succeeding 3 years gaining immense popularity and listing as the top exchange in the year 2013.

However, the following months brought nothing but doom when the exchange went offline owing to an alleged attack that led to the disappearance of more than 850,000 bitcoin as well as $28 million in fiat.

The Mt. Gox CEO Mark Karpeles was reported to blame hackers for the massive losses, but the mystery exacerbated when approximately 200,000 bitcoin was claimed after a fortnight. The large amounts of Bitcoin were reportedly sold when the markets were at their peak.

Legal Delays

By the time the Tokyo District court finally decided to cease Mt. Gox bankruptcy proceedings so as to commence the rehabilitation process; a huge amount of the remaining coins had already been vended with the remaining figures rounding up to 170,000 in (BTC) and also Bitcoin cash (BCH).

The affected users have at least before the 22nd of October 2018 to file their claims with the applications going straight to the Japans Civil Rehabilitation trustee in charge of the distribution.

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