• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Mt. Gox Victims Could Soon See 88% of Losses Returned
Nexo

Mt. Gox Victims Could Soon See 88% of Losses Returned

Ricardo Martinez by Ricardo Martinez
2 years ago
in Bitcoin, News, News teaser
0

Fortress Investment Group, a Mt. Gox creditor, has increased its offer to victims of the infamous Bitcoin exchange hack. In its newest offer to victims, Fortress offered $1300 per bitcoin or an estimated 88% of account value at the time of the hack. But will the offer be accepted this time? 


Are Mt. Gox investors willing to accept the offer?

Mt. Gox is perhaps the most infamous hack in crypto history, despite it not being the largest. What sets the hack of the Japan-based exchange apart, is that it was the only Bitcoin exchange with significant volume at the time, and was responsible for 70% of Bitcoin trades at the time the hack.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Investors on the platform collectively lost around 850,000 Bitcoin, or roughly 7% of the total existing supply at the time of the attack. In 2014, Mt. Gox filed for bankruptcy and victims of the hack have been in limbo ever since. Many have given up all hope of ever being made whole again.

After Mt. Gox owner Mark Karpeles was sent to prison, the BTC ended up in the hands of a trustee appointed by Japanese courts. The trustee was responsible for making payouts to creditors like Fortress and Mt. Gox investors with the remaining 141,000 BTC, but the process has seen significant delays and legal complications.

Fortress, has made several prior offers to Mt. Gox victims. Their initial offer was $755 per BTC, then they dropped the offer to $600 as spot price for Bitcoin fell last March. This latest offer is the best one yet, at $1300 per BTC or 88% of the estimated value of Mt. Gox accounts at the time of the attack.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Why has it taken so long for investors to be reimbursed?

Mt. Gox creditors initially claimed losses of 2.4 trillion from the hack, the Japanese courts were only able to recover $91 million in funds to distribute to Mt. Gox’s 127,000 creditors. Japanese court proceedings have also been slow.

To add to the complications of redistributing the recovered funds to investors, some creditors have tried to hijack the payout process. Another aspect slowing down payouts and adding to the confusion was Karpeles himself misleading investigators on the financial situation of Mt. Gox, making efforts to recover funds more difficult.

Since the time of the attack, Bitcoin has risen in price significantly leaving creditors even more bitter about the losses sustained in the exchange hack. The rapidly increasing value of Bitcoin has not made dispute resolution any easier.

It remains to be seen if investors will accept Fortress’ latest offer, seeing it as something is better than nothing at all, or if they will fight for a valuation more in line with current prices for the cryptocurrency they lost.

What do you think of Fortess’ latest offer to Mt. Gox victims? Let us know in the comments!


Images via Shutterstock, Twitter @

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Ricardo Martinez

Ricardo Martinez

Related Posts

Crypto

Crypto Disaster: Ethereum Co-Founder Vitalik Buterin Claims He’s Not A Billionaire Anymore

2 hours ago
A16z

A16z Rolls Out $600 Million Gaming, Web3 And Metaverse Dedicated Fund

6 hours ago
Bitcoin

Bitcoin Pizza Day: Celebrating The $300-Million Pizza Order – And Other Fun Facts

22 hours ago
Cyprus

Cyprus Drafts Regulatory Framework For Cryptocurrencies

23 hours ago
Central Bankers, El Salvador flag

It Was Not A Bitcoin Event. Then, Why Were The Central Bankers In El Salvador?

1 day ago
UnicornDAO

UnicornDAO Rallies For Women And LGBTQ Artists; Raises $4.5 Million 

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.