Mt. Gox is all set to pay out over $9 billion in BTC to its creditors.

Mt. Gox is set to pay out over $9 billion to its creditors after creditors approved its plan to distribute the BTC it recovered from the hack years ago.

In a move that could finally close down the longest-running sagas in the digital currency industry, Mt. Gox is all set to pay out over $9 billion to its creditors. The trustee for the now-defunct crypto exchange revealed that the creditors had approved its plan to distribute the BTC it recovered from the hack years ago.

 

Mt. Gox was at one time the biggest BTC exchange in the world.

Launched in 2010 by blockchain developer Jed McCaleb and later acquired by Mark Karpeles, Mt. Gox was at one time the biggest BTC exchange in the world. However, in early 2014, it was hacked, and about 850,000 BTC, worth $500 million at the time, was stolen. It remains to be one of the biggest hacks in the entire history of cryptocurrencies. Since the hack in 2014, investors who lost their fortunes have been engaging in endless legal battles as they attempt to recover their funds.

 

This long battle might come to an end finally.

In a press release last week, the rehabilitation trustee of the Japanese exchange revealed that a large majority of creditors had approved a plan that was first proposed about a year ago. 99% of the creditors voted in favor of the plan, the trustee, Nobuaki Kobayashi, revealed. “Depending on the situation, the confirmation order is expected to become final and binding in approximately one month from today,” the trustee noted. In the years following the hack, some of the BTC was recovered, and it’s this stash that the creditors are expected to share. According to documents on its website, Mt. Gox is in possession of 141,686 BTC, worth $8.9 billion at the time of writing. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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