It Has Been 6 Years Since Mt. Gox Shutdown, And Users Still Have Not Been Paid Back

March 24, 2020 / by Crypto.IQ

The news this week is that the Mt. Gox rehabilitation trustee is holding another meeting with creditors, but the remarkable thing is that it has been over 6 years since Mt. Gox shutdown, and Mt. Gox users still have not gotten a penny and there is no sign that reimbursements are coming for the foreseeable future.

Mt. Gox used to be the biggest Bitcoin exchange during the early days of the crypto space, but that came crashing down in February 2014 when Mt. Gox abruptly closed, and later declared that it had lost a whopping 850,000 Bitcoins (BTC).

Fortunately, 200,000 Bitcoins (BTC) were found in an old wallet in March 2014, making it possible to provide partial refunds to Mt. Gox users. These 200,000 Bitcoins (BTC) are now worth over $1.3 billion, which is far more than the $473 million originally lost, so Mt. Gox users should technically get a full refund in terms of USD and then some.

However, the Mt. Gox rehabilitation trustee has missed deadline after deadline over the years, and their promises seem to be worth a grain of salt. The reality is that the trustee has been sitting on the over $1 billion of Bitcoin (BTC), with no sign that Mt. Gox users will receive a reimbursement anytime in the foreseeable future.

The real lesson here is the Mt. Gox rehabilitation process is a case example of how not to handle a crypto exchange hack reimbursement process.

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