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Mt.Gox On the Cusp of Paying Back Creditors

March 21, 2019

 

Years after it was hacked and many users lost large sums of money as a result, Mt.Gox may be finally about to start paying its’ debts. As you may already know, Mt.Gox began entered the official liquidation process in 2014, in which its’ remaining holdings were given to a trustee by the Japanese court system.

 

Creditors began to give up the possibility of ever seeing their funds returned and then, the trustee announced in 2018 that what is called “civil rehabilitation,” needed to be done. A new hope emerged.

 

 Then the claims process was closed in December and until this week, the trustee had still been deliberating on how to even begin the process of refunding customer assets. Then came Tuesday’s announcement, which, according to CoinDesk, indicated that certain payments had been given the go ahead, though the amounts of these payments do not seem to have been released until today.

 

What is perhaps most important, however, is that the bulk of Mt.Gox’s creditors will know whether or not they will receive the amounts that they claim to have lost in the hack or not, by next week or so.

 

Beyond this, the amounts that have already been approved are of note because of how large some of them are in relation to the assets that Mt.Gox supposedly still has at its’ disposal. According to a follow-up announcement from Mt.Gox’s trustee, this reportedly means that the exchange has $629,594,540 in cash, 141,686.35 Bitcoin, and 142,846.35 in Bitcoin Cash.

 

With this in mind, CoinDesk’s claim that the latest update from the trustee mentions approved claims to the tune of 802,521 Bitcoin and 792,296 Bitcoin Cash, among other massive numbers, it is easy to wonder how the exchange will be able to make all of its’ required payments.

 

When the crypto market’s inherent volatility is taken into account, this possibility becomes even harder to grasp. Since the trustee and by extension, the exchange itself, have a deadline of April 26 to finalize a plan to return all valid claims, it is reasonable to conclude that everything will become clear in the near future. For now, creditors can rest assured that justice will be served after years of waiting.

 

 

 

By: BGN Editorial Staff

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