Mt Gox Gets Approval To Return 141,686 To Victims Affected In 2014 Hack

Mt Gox will return the Bitcoin that was stolen from victims of its hack in 2014. Mt Gox’s hack has been a bit of a myth in crypto, but it is real. It really kickstarted the “not your keys, not your coins” school of thought after thousands lost their crypto holdings when the crypto exchange succumbed to a hack that would see it shutter its doors forever.

Mt Gox’s rehab program was set up after the hack to pay those who were hacked six years ago. While the rehab plan has been in place for quite some time, it was finally approved by a trustee board. The hack victims will now be entitled to compensation. They will receive at most a part of their assets that they lost in 2014.

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Redistributing 141 686 BTC

Total bitcoin that will be distributed in the rehabilitation plan is 141 686. This will be distributed to all those who lost their bitcoins to hackers and have voted for the rehabilitation plan to be approved. After the voting period ended, the Tokyo District Court approved the reimbursement notice. The BTC would be redistributed to victims.

Bitcoin price chart from

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The hack affected users have been waiting more than six decades, but now there seems to be a light at end of the tunnel. Parties in control have not yet disclosed the date for redistribution. Mindao Yang (a creditor at Mt.Gox) stated that compensation for victims could not be received until 2023. Creditors will need to slowly collect these funds over the years.

Plan of Redistribution

When it comes time to redistribute the BTC, one factor you should consider is that bitcoins now have a much higher value than before. The average bitcoin price at the time of the Mt Gox hack was between $500 and $600. Today, the digital asset’s value has ballooned to over $60,000. The digital asset’s value has risen to over $60,000. This raises concerns that the victims may not be entitled to their BTC assets back, or will they receive fiat payments.

CoinDesk provided a May report that addressed the issue and suggested possible ways of redistribution. In 2020, claimants were notified by a letter that they would receive about the return of their holdings. Payments will be in JPY, BTC and BCH. The price of bitcoin is currently set at around $7,000 per coin. It is still a far cry from the $60K current trading price, but this is much more than what was the average bitcoin price at the time of the hack.

The Price Impact

There are speculations about what the Redistribution will mean for this digital asset, with approximately 150,000 BTC expected to be on the market. Some are already doing so. predicted that the price of bitcoin will suffer greatly once these coins hit the market. However, this isn’t true in all cases.

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Some of the BTC that is being released will likely hit exchanges, it’s clear. But it’s important to keep in mind that not all payouts are going to be made in one go. Redistribution of the bitcoins will take place over time, to different creditors. The redistribution will be done over time to various creditors. This ensures that not all of the 141 686 bitcoins will hit the markets at once. Instead, bitcoins will only be available in small quantities at a given time, so they will have little impact on the value of the digital asset.

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