Japanese crypto exchange Mt. Gox, which went bankrupt ten years ago, is ready to return bitcoins to investors. However, during this time the cryptocurrency increased its price 100 times.
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In 2014, Mt. Gox was the largest crypto exchange that transacted between Bitcoin and national currencies. However, as a result of hacker attacks, about 850 thousand bitcoins were stolen, after which the exchange declared bankruptcy.
According to CNBC, a group of investors has filed a class-action lawsuit against the CEO of Mt. Gox. At that time, the cost of one bitcoin was about $600 and the total amount of damages was estimated at $480 million.
Cryptocurrency assets frozen when the exchange went bankrupt are now worth 100 times the original amount.
Gregory Green, from Illinois, one of the plaintiffs, told the US publication that he had around $25,000 worth of cryptocurrency in his account in 2014. Today, the value of the assets is estimated at $2.5 million, an increase of 10,000%.
However, it is not yet known what kind of payment the plaintiffs will receive. It is reported that out of the 850 thousand stolen bitcoins, about 140 thousand were recovered, 20 thousand people will receive compensation, and the total amount is approximately 9 billion dollars at the current exchange rate.
“Many will obviously withdraw their assets and enjoy the fact that their assets will be frozen as a result of the Mt. Gox bankruptcy was the best investment they ever made,” Ledn chief investment officer John Glover told CNBC.
Author:
Akhmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
