After five years of waiting are users about to get their funds back?
The troubled bitcoin exchange, Mt. Gox is eventually settling the creditor accounts in cryptocurrency or cash. According to Nobuaki Kobayashi, the rehabilitation trustee of exchange, plans are in place to compensate the victims as he has already approved 803,521 BTC, 792,296 BCH, and $38,165,664 as well as other amounts in different fiat currencies.
The Plan
For users, the wait has been not only long but also painful since thieves stole around 850,000 BTC (which is worth billions today).
Currently, the trustee says, the cryptocurrencies needed to be paid out are worth $593 million whereby they have 141,686 BTC, 142,846 BCH, and $629,594 in cash. Further, he believes that they will retrieve more of the bitcoins that were stolen hence increase the number of coins at their disposal.
Nature of Settlement
There’s also hope that the estate will succeed in its attempt of retrieving money that is believed to be owed to them by other parties such as former CEO Mark Karpeles as well as Mt. Gox majority owner Tibanne Co.
The obvious issue, however, is the fact that there isn’t enough cryptocurrency secured still in their disposal to cover the approved claims for both BTC and BCH.
Subsequently, there is not enough fiat currency that will cover the crypto pro in cash with the current valuations. Besides, Kobayashi hasn’t clearly indicated how the funds will be allocated when the payouts start finally.
Are Bitcoin Fork Prices at Danger?
A lot of creditors have their concerns over the distribution as they watch on the possible problem of distributing coins which have been forked from bitcoin since the collapse, such as bitcoin gold and many others listed.
They view the addition of these cryptocurrencies to be challenging to handle as well as making it difficult to organize private keys for the coins. The suggestion is to sell the keys after BTC and BCH have been circulated or simply relocate to a safe place.
Image courtesy of PixaBay.
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