News and Analytics

0

MtGox Trustee Initiates User Repayment Process Following Rehabilitation Plan Approval

May 28, 2024

In a recent announcement, the Rehabilitation Trustee of the now-defunct MtGox cryptocurrency exchange has detailed the preparations underway to reimburse users as part of the officially sanctioned Rehabilitation Plan. The trustee's communication indicates that individuals with claims will imminently receive compensation for their cryptocurrency-related recovery demands. Claimants are presented with the option to opt for direct reimbursement in Bitcoin (BTC) or Bitcoin Cash (BCH) through selected cryptocurrency exchanges, or alternatively, receive an equivalent cash sum derived from the sale of these digital assets. This initiative marks a significant step in the restitution journey for customers who faced financial losses when the Tokyo-headquartered exchange ceased operations a decade ago. MtGox encountered turmoil in February 2014 when it halted trading activities, shut down its online platform, and entered into bankruptcy proceedings. Subsequently, it was exposed that nearly 850,000 Bitcoins, valued at approximately $450 million during that period, were illicitly siphoned off over a span of multiple years due to security weaknesses. MtGox, previously responsible for processing 70% of Bitcoin transactions...

Comments

Latest analytics

The Features and...

The Features and Mechanisms of Crypto Crowd Selling for...

Blockchain RPC:...

Blockchain RPC: The Technology Powering Blockchain Applications

Show more

Latest Dapp Articles

Show more

You may also like