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Topic: Did Mt. Gox screw you over... Maybe not so much anymore - page 2. (Read 221 times)

legendary
Activity: 1568
Merit: 2037
Hey so this was before my time, but I hear this small business; the biggest Bitcoin exchange at the time. Got hacked lost a bunch of BTC then filed for bankruptcy freezing everyones funds.

I know there was more to it, but most of it has been a warning for newer adopters moving into the market. Don't leave your BTC on an exchange, further to that anywhere you don't control the private keys.

Reading up on them a while ago, it looked like a slap in the face was coming for the customers who have held out hope of receiving their funds back... at that point in any shape or form. The twist was that while FOMO was fueling the meteoric rise in BTC price, the CEO of Mt. Gox was about to earn a mint as Japans bankruptcy laws would have made the restitution equal to the FIAT value back in 2014. Crazy right, would have been a kick in the teeth to many.

Well your teeth can be placed back in there proper mounting as a court in Japan, halted the Bankruptcy proceeding and started a Civil rehabilitation progress. The gist of that is that you will be paid back in BTC. Now I don't know what the percentage of payout compared to the amount held is. I can't imagine it will be a 1 for 1 because they obviously lost hundreds of thousands of BTC. I can only imagine it will be better than it was going to be, and better than nothing all together.

Hopefully this puts a smile on any long term adopters face. Bonus you can still cash in on the many Fork coins that would accompany those BTC.

Here is the article I found discussing the payout.
https://cryptodisrupt.com/creditors-to-receive-1-billion-bitcoins-in-mt-gox-settlement/

And just a nice round up of Mt. Gox's past

https://cointelegraph.com/news/the-mess-that-was-mt-gox-four-years-on
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