Mt.Gox Top Creditor Picks Bitcoin Payout: Bloomberg

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Mt.Gox Top Creditor Picks Bitcoin Payout: Bloomberg

Mt.Gox Investment Fund, the largest creditor of the defunct crypto exchange Mt.Gox, has reportedly selected an option of payout in bitcoin (EXANTE: Bitcoin) rather than fiat currency.

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According to a report from Bloomberg, the fund — which is set to get 90% of what’s due to it — has voted for an early payout in September 2023. However, other creditors also have to select their payment options until March 10.

The move means the fund doesn’t want for all the litigation process, which could take as many as nine years, sources close to the matter say.

Mt.Gox Changes Deadline for Filing Compensation Claims

Mt.Gox was one of the world’s largest crypto exchanges, and accounted for 70% of bitcoin transactions at its peak. Between 2011 and 2014, the platform was repeatedly hacked and experienced technical difficulties. In early 2014, problems with the withdrawal of user funds began, as a result, Mt.Gox froze trading and went out of business.

Mt.Gox was subject to a hacker attack, during which 850,000 Bitcoins valued at over $450 million at the exchange rate at the time ($50.8 billion at the moment) were stolen. The exchange was unable to recover the stolen funds, so it filed for bankruptcy in April 2014. The process is still ongoing.

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