Nearly 3bn worth of BTC from the infamous Japan based crypto exchange Mt Gox is set to be released onto the market.
Mt Gox was hacked in 2011 and 137,000 BTC stolen in the digital heist and now worth just shy of the $3bn will soon be on the cryptocurrency market.
In total 850,000 BTC worth about $20bn at current prices was stolen.
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In 2014 the exchange said it had found 200,000 BTC but it has been locked down in litigation since then.
Litigation is when two parties go to court in front of a judge to decide something.
Mt Gox ‘Rehabilitation Plan’
At the tail-end of 2021, Mt. Gox set out what it termed a ‘Rehabilitation Plan’ to return funds to investors who had earlier lost.
Earlier this month Mt. Gox and self-titled, ‘Rehabilitation Trustee’ , Nobauaki Kobayashi set out the details of the plan in an email to creditors.
Mt Gox’s creditor’s can receive the funds USD, BTC, or BCH.
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The exact timeframe for release is not clear but potentially creditors could get their hands on their much wanted fiat or crypto by August this year.
Bankrupt in 2014
Mt. Gox was one of the earliest BTC exchanges and at one point it handled nearly 70% of global transactions from its base In Tokyo, Japan.
Following the hack it filed for bankruptcy in 2014.
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