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Mt. Gox, creditors can finally access repayments

However, the real entity remains to be understood

The creditors of Mt. Gox will be able to request up to 90% of the remaining amount of BTC. This was revealed by a report by Bloomberg, on the story that affects theexchange Japanese cryptocurrency collapsed in 2014, at the height of a disastrous hacking attack.
While this would be established by the agreement reached between MGIFLP (section of Fortress Investment Group) and the bankruptcy trustee established by the court to manage the conclusion of the judicial act concerning Mt. Gox, Nobuaki Kobayashi.

Mt. Gox - Mt. Gox, creditors can finally access repayments

Mt. Gox: a sensational story

The story that now seems close to coming to an end, was triggered in 2014 from a hacking attack, in the course of which approx 850mila Bitcoin. An attack which, however, according to not a few observers would only be an attempt to mislead the property. Tended to disguise one real scam towards the thousands of users who had relied on the exchange, giving them their money. Many of whom later decided to rely on justice.

The terms of the agreement reached

As Bloomberg recalled, now creditors who have decided to take the path of the courts will be able to get back up to 90% of the tokens blocked after the failure of Mt. Gox, even if it is not clear how much the total actually amounts.
However, it remains to be seen whether the agreement will be accepted or rejected by the interested parties. Those who refuse will still have the opportunity to redeem themselves later, in the folds of one of the many legal proceedings that have been raised in the meantime against the managers of the exchange platform.

Mt. Gox: Was it a scam?

Among those who have never believed in the hypothesis of a cyber attack, there is Gregory Greene, one of the first plaintiffs ever. In the first of a long series of complaints he filed, the man claimed that the former CEO of Mt. Gox, Mark Karpeles, as the owner of the exchange he knew the code, the bugs, and all the information hidden from the customers. As a result, he would use the data at his disposal to steal the funds and pass his action as a hacker attack. A Japanese court also seems to think so, which sentenced Karpeles to 2 and a half years of imprisonment, with suspended sentence.

A story destined to remain a warning

The case of Mt. Gox represented a real turning point for the entire cryptographic sector. The exchange operated from 2010 to 2014, establishing itself as the largest exchange facility globally. When it collapsed it held 70% of Bitcoin's overall transaction volume.
After its bankruptcy it was necessary for the remaining exchanges to try to rebuild a widely compromised reputation, in particular by working on the necessary levels of security. However, the suspicions never completely dropped.

The role of Craig Wright

The story of Mt. Gox also intersected in mid-2020 with the lawsuit filed by Ira Kleiman against Craig Wright. In an attempt to prove he is the real Satoshi Nakamoto, the Australian businessman has produced a series of Bitcoin addresses as proof. Among which, however, there was also the one that had been used by the attackers on the exchange. A sensational gaffe, soon detected by Wright's opponents and which could cost him very dear, in the event that the US court called to judge were to accept his version.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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