After 8 years, Mt. Gox creditors may start receiving their BTC this month

• The Mt.Gox Bitcoin exploit happened in 2014.
• This exploit remains the largest Bitcoin exploit in cryptocurrency history.
• However, the creators of Mt.Gox may start receiving bitcoin this month.

Mt.Gox creditors may have reason to smile after the exchange. January statement It hinted that creditors could start receiving bitcoin (BTC) this month.

It’s been almost eight years since the Mt Gox hack occurred in early 2014 and lost around 850,000 BTC, worth more than $20.06 billion in today’s Bitcoin value, according to Bitcoin statistics. As detailed, it is the worst bitcoin hack in history.

Most of Mt. Gox’s creditors have lost hope of getting their bitcoin back after years of trouble. Mt Gox creditor and Blockstream CEO Adam Buck said via Telegram:

“Well, I myself wrote off the bitcoin I still had in Mt. It’s been taking years longer than we expected, so we’re confident creditors will be happy to finally be paid.”

Early repayment starts from March 10

According to Mt.Gox’s January statement, creditors will begin making early Bitcoin payments starting March 10. The early repayment process is expected to continue for approximately seven months until September 30, 2023.

There are two types of advanced repayments: prepaid lump-sum repayments and interim repayments. Additional repayments will be made later.

Mt.Gox creditors were to register with the exchange and specify that they would receive repayments on their behalf. However, exchanges offer different timelines for processing payments. For example, the BitGo crypto exchange said it would take about 20 days to process the refund, while Kraken said it could take up to 90 days to process the payment.

Amount of Bitcoin to be refunded

It is not clear how much Bitcoin will be returned to Mt.Gox creditors during the repayment period. But it is clear that it will become part of Mt.Gox’s balance sheet. 2019 balance sheet Total about 142,000 BTC, 143,000 BCH and 69 billion yen. The balance sheet is believed to have not changed much since then.

Creditors are expected to receive approximately 21% of the value of the civil rehabilitation claim due to the appreciation of the exchange rate since the bankruptcy filing.

According to the moderators of MtGoxInsolvency Subreddit, the first 200,000 yen of each creditor’s claim will be paid in yen. If the claim exceeds 200,000 yen, the creditor chooses virtual currency and cash, and after the first payment he will receive 71% in virtual currency and 29% in cash.