The largest hacked cryptocurrency exchange will return 0.676% of all bitcoins in the world to investors this month

Cryptocurrency exchange Mt. Gox, which collapsed due to a hacker attack in 2014, will start paying compensation to investors who lost their funds.

At the time of writing, the exact amount of future compensation and the deadline for making payments are unknown. According to preliminary information, investors will start receiving funds after March 10.

According to the plan of Mt. Gox asset manager Nobuyaki Kobayashi, creditors can receive an early lump sum payment of 90% of the desired amount. Another option involves waiting for the bankruptcy process to end with the hope of receiving full compensation. The two largest creditors of the platform have decided to receive most of their compensation in Cryptocurrency rather than fiat currency.

The New Zealand crypto exchange Bitcoinica, which ceased operations in 2012, and the MtGox Investment Funds (MGIF), which accounts for about 20% of all claims against Mt. Gox, have opted for a lump sum payment to the HTS. They are the largest creditors of Mt. Gox. As early as March, Bitcoinica and MGIF users will start receiving 90% of their funds blocked on the exchange back in 2014.

According to CoinDesk analysts, the agreement of the two largest creditors of Mt. Gox’s two largest creditors to receive payments in bitcoin rather than fiat has come as a relief to the crypto market, as a wave of simultaneous withdrawals of BTC could have crashed the price of bitcoin. As of July 2022, Nobuyaki Kobayashi had approximately 142,000 BTC at his disposal.

As a reminder, Mt. Gox is the oldest cryptocurrency exchange that lost more than 850,000 BTC as a result of a hack in 2014. Ten years later, in November 2021, the exchange released a «Rehabilitation Plan» to return about 137,000 BTC to investors. Representatives of Mt. Gox representatives are waiting for applications for the return of BTC until March 10, 2023 (previously it was January 10), after which former customers who did not submit an application will no longer be able to receive compensation.