The bitcoin refunds will begin In just a month if the compensation plan gets approved. Those affected users by the theft must set a registration on the Mt. Gox website to access compensation.
After seven years of waiting, the victims of the millionaire hack at the Mt. Gox exchange are now close to getting their money back in their pockets. The trustee revealed that those affected users approved the proposed compensation plan. Compensation for the theft of bitcoin (BTC) funds involves the return of various billions of US dollars (USD).
Victims could finally receive some of their stolen money within 30 days. The statement released by the Rehabilitation Trustee maintains that, in about a month, it will confirm compensation for the hack suffered by Mt. Gox.
In the cyberattack, which took place in February 2014, 850,000 bitcoins got stolen in total from 24,000 users of the Mt. Gox exchange. Considering that bitcoin was worth $ 543 back then, the pool of stolen funds equaled $ 461 million. To this day, this crime remains the most shocking hack in the history of the crypto ecosystem.
After the increase that the cryptocurrency had during these years, now that amount represents USD 55 billion. Right now, this cryptocurrency is worth around $ 65,000. The growth was pretty attractive, especially for the first bitcoiners of 2014.
Victims of Mt. Gox Bitcoin theft Voted in Favor of the Plan
On October 20, 2021, those affected by the theft met with the Rehabilitation Trustee to reveal the vote on the compensation plan. This meeting, which happened in the Tokyo Court, resulted in the partial support of those involved in the compensation project.
The organization highlighted that 99% of the victims gave favorable votes to the rehabilitation plan, which adds to the partial return of the stolen funds. In February this year, the Trustee granted the affected creditors the right to vote on the repayment plan.
Following the verdict of those users involved, the Trustee reported that those affected must register on the Mt. Gox rehabilitation page to receive the refunds. Those who have not done so before the confirmation won’t be able to access the refund.
The victims named “Z2” are not eligible at this stage. They are all the people who did not claim the stolen funds before 2019. They represent a minimum percentage of those users affected, since 83% of the users who lost their bitcoin funds after the hack did a proper complaint.
The Biggest Bitcoin Hack in History
Mt. Gox was the largest cryptocurrency exchange in the world and managed more than 70% of all Bitcoin transactions. It suffered several hacks totaling 1.35 million BTC. The latest attack in February 2014, went down in history as the most brutal exchange hack to date, counting losses that surpassed 850,000 BTC. More than 20,000 users have claimed their refunds.
On February 25, Mt. Gox released a document in which it communicated the assignment of the process to the lawyer Kobayashi and the resolution of the Tokyo District Court issued a few days before.
By: Jenson Nuñez
