RATE Group | Mt. Gox will give back $1.3M worth of Bitcoin to its users – but there’s a catch
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Mt. Gox will give back $1.3M worth of Bitcoin to its users – but there’s a catch

04 Aug Mt. Gox will give back $1.3M worth of Bitcoin to its users – but there’s a catch

Posted at 03:24h in Bitcoin News by

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Creditors of the now disbanded Mt. Gox cryptocurrency exchange have made another step towards reclaiming their lost Bitcoin, following updates to a court ruling issued in June, first spotted by Coindesk.

Back in November 2017, a group of Mt. Gox creditors, who were implicated by the theft of over 744,000 Bitcoin BTC and the exchange’s subsequent bankruptcy rallied together, and started a petition to reclaim their lost funds.

Over the following months this gained traction, and in June of this year a further court session ruled that the compensation claims should be made in BTC and BCH, which at current market rates would be valued at over $1.3billion USD. The update further states that the payments should be made via easy-to-access exchanges, that creditors are likely to have accounts with, or where accounts can easily be set up.

For any creditor that had cryptocurrencies that weren’t BTC or BCH, payments will be made in cash. The ruling deemed…

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