After many years, the Mt. Gox case is finally nearing its conclusion. A thorough investigation into this long-standing issue is gradually inching towards closure. As announced on Tuesday, the popular cryptocurrency exchange, Kraken, has distributed Bitcoin and Bitcoin Cash to victims of the Mt. Gox cyberattack which took place a decade ago. This significant move is a huge step forward in compensating those affected by the large-scale hack.
Kraken’s initiative is not only a testament to its commitment to the cryptocurrency community, but it also highlights its dedication towards correcting industry wrongs. However, the exchange has not yet disclosed the exact number of Bitcoin it has returned to Mt. Gox’s customers.
In addition to Kraken, Bitstamp, SBI VC Trade, Bitbank, and Coincheck have been tasked with returning assets – including Bitcoin and Bitcoin Cash – worth over $7 billion to the 127,000 creditors impacted by the 2014 collapse.
Kraken aids in Mt. Gox victim compensation
The timeline for the asset redistribution completion is, unfortunately, still unknown, but the process has already begun.
Reports suggest that Mt. Gox has relocated about $2.85 billion worth of Bitcoin to new wallets, with $340 million directed to Bitstamp’s four addresses. These new wallets will reportedly play a pivotal role in the ongoing asset recovery process. Despite the lack of a definite timeline for the completion of these redistributions, Mt. Gox has urged all stakeholders to remain patient.
Fascinatingly, the Mt. Gox estate still holds approximately 85,234 Bitcoins, equivalent to around $5.7 billion. Their repayment plan aims to cover nearly 90% of the lost assets for affected customers. Despite the fact that security measures have significantly strengthened within cryptocurrency exchanges since the infamous hack, the Mt. Gox case continues to serve as a grim reminder of the risks present in the unregulated world of cryptocurrency.
