Mt.Gox, the infamous hacked Bitcoin exchange, <a href="https://www.mtgox.com/img/pdf/20200324_announcement_en.pdf" target="_blank" rel="noopener">announced</a> on March 24, 2020, that it would hold a creditors meeting on March 25, 2020, to discuss the further step regarding the long waiting compensation to the victims.
<h2>Creditors Offer To pay $1300 Per BTC </h2>
Earlier, whenever the creditors have offered the compensation, the victims have rejected those amount. Presently, the creditors have decided to pay $1300 per BTC to the victims but they are still not sure whether the victims will accept it or not. However, the recent amount is the best offer to date. The initial amount offered to the victims was $755 per BTC which later fall to $600 per BTC and recently, risen up to $1300 per BTC.

According to a report, in the year 2011, 24,000 creditors of Bitcoin Exchange Mt.Gox were hacked and then collapsed in early 2014. After the crash, the creditors lose 850,000 BTC which were about $460 million.

At present, Nobuaki Kobayashi who is an attorney in Tokyo is handling this reimbursement case.
<h2>Transition From Bankruptcy To Civil Rehabilitation</h2>
The report further stated that in order to finish the matter soon, the creditors and the other community members are now self-organizing themselves. It was the joint effort of creditors and community members that back in June 2018, Mt.Gox transformed from bankruptcy to civil rehabilitation.

The civil rehabilitation has to make sure that despite paying in fiat currency the Mt.Gox pay reimbursement in crypto only.

The reports further added that companies like Fortress Investment Group are making a repeated attempt to buy the creditors’ claim and because of that the offer value is increased to 88 percent. Recently, Michael Hourigan, a managing director at Fortress has said, “This February that the buyout offer was calculated according to the likely timeline (3 to 5 years) and financial risk of the ongoing litigations”.

In another exchange hacking case, a law firm Zhelenikov and Partners has claimed that it would recover around 200,000 BTC from Russians, who according to the law firm has stolen the money.

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Mt.Gox To Hold Creditors Meeting For Compensation

Mt.Gox, the infamous hacked Bitcoin exchange, announced on March 24, 2020, that it would hold a creditors meeting on March 25, 2020,

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Mt.Gox To Hold Creditors Meeting For Compensation

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