Thursday, March 30, 2023

Mt. Gox Exchange investors may finally be able to recover Bitcoin

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Some of the digital coins have been salvaged since the exchange’s bankruptcy, but much of it is still lost. For each Bitcoin that has a bankruptcy claim, the estate only has 0.23 coin to disburse. On the positive side, Bitcoin traded at $ 489 when Mt. Gox has gone bankrupt and is currently trading around $ 37,000 at the time of writing – about 75 times that. This means that if you had 100 bitcoins worth $ 48,900 in 2014, you could now have 23 worth around $ 850,000.

Mt. The Gox litigation dragged on in part because of a $ 16 billion claim from CoinLab that observers have called “the elephant in the room.” However, the new deal could allow small investors to recover their funds. Back in 2019, the old Mt. Gox CEO Mark Karpeles has been found not guilty of embezzlement related to bankruptcy, but was found guilty of falsifying documents and received a 2.5-year suspended sentence.


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