Defunct Mt Gox to distribute Bitcoin and Bitcoin Cash to Settle Creditors Claims

  • Mt. Gox trustee meeting held on 25th March to discuss about distribution of creditors fund in Bitcoin, bitcoin cash and fiat.
  • A new portal with which the creditors can access all the documents that were distributed at the meeting, said the trustee of the non functioning exchange. 

Mt. Gox held a meeting on 25th March, disclosed about a new portal with which the  creditors can access all the documents that were distributed at the meeting, said the trustee of the non functioning exchange. 

A total of 24000 creditors have been affected due to the exchange hack in 2011 which led to a collapse in 2014. This resulted in a loss of 850000 BTC that was worth $460 million then. 

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Nobuaki Kobayashi, a lawyer based in Tokyo, is appointed by Japanese court to supervise the creditor’s compensation.

This fourth meeting favours the rehabilitation procedure of the exchange. But the exact theme of discussion at the meeting is not disclosed.

Closely 200,000 BTC could be recovered according to a law firm. Russia was accused to have stolen the bitcoins and through legal proceedings against Russia, the lost bitcoins could be compensated.

Mt Gox Compensation process took too long

Mark Karpeles, the former CEO of Mt Gox exchange is still in a legal dispute over the collapsed exchange company and the lost investors assets are still ongoing. 

The exchange company is trying to favour every member by organising different sets of distribution to aid in the process. The hack has largely affected every member and investor in the loss. 

This is one of the worst cases of loss of Bitcoin hack in history, however this is not a single company that was victimised in such a hack and previously many exchange platforms have faced this issue due to lack of security on the platform and not using next generation measures. 

These hacks can be avoided completely if the exchange platforms use industry level security measures ensuring safety of both investors and that of the company. This happening can be set as an example and guideline for the new companies and also the existing ones to enhance the security of assets and the privacy of users.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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