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Mt. Gox Creditors Can Claim 90% of Bitcoin Left in Bankruptcy: Bloomberg
The agreement is subject to creditor acceptance.
Creditors of the bankrupt cryptocurrency exchange Mt. Gox will be presented with the option to claim up to 90% of the exchange's remaining bitcoin, according to Bloomberg.
STORY CONTINUES BELOW
- The deal between Mt. Gox's bankruptcy trustee and MGIFLP, a unit of Fortress Investment Group, will be presented to creditors for a simple up or down vote, Bloomberg reported.
- Investors aren’t obligated to take the early payment and can wait for the lawsuits against the former exchange to settle, according to CoinLab, which announced the deal but is not involved in the settlement. CoinLab said it will continue its litigation.
- Japan-based Mt. Gox was a major early bitcoin exchange that filed for bankruptcy in 2014 after admitting it had lost 850,000 in bitcoins, 750,000 of which belonged to its customers.
- Creditors have been fighting for some form of reimbursement through seven years of legal standoffs.
- It was not clear at press time how many bitcoins are left for creditors to claim.
- Should a significant portion of those lost bitcoin come on the market, it could have a significant effect on the supply of the leading cryptocurrency and its price.
Read more: Mt. Gox Creditors’ Wait Nearly Over as Trustee Announces Draft Rehabilitation Plan
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
