Mt. Gox Creditors Can Claim 90% of Bitcoin Left in Bankruptcy: Bloomberg
The agreement is subject to creditor acceptance.
Mt. Gox Creditors Can Claim 90% of Bitcoin Left in Bankruptcy: Bloomberg
Creditors of the bankrupt cryptocurrency exchange Mt. Gox will be presented with the option to claim up to 90% of the exchange’s remaining bitcoin, according to Bloomberg.
- The deal between Mt. Gox’s bankruptcy trustee and MGIFLP will be presented to creditors for a simple up-down vote, Bloomberg reported.
- Japan-based Mt. Gox was a major early bitcoin exchange that filed for bankruptcy in 2014 after admitting it had lost 850,000 total bitcoins, 750,000 of which belonged to its customers.
- Creditors have been fighting for some form of reimbursement through 7 years of legal standoffs.
- It was not clear at press time how many bitcoins are left for creditors to claim.
- Should a significant portion of those “lost” bitcoin come on the market, it could have a significant effect on the supply of the leading cryptocurrency and therefore its price.
- Bloomberg reported that CoinLab is not party to the settlement.
