Crypto News

This marks a significant milestone in the ongoing saga of the now-defunct cryptocurrency exchange, which declared bankruptcy in 2014 after losing over 850,000 BTC to a hack. The Mt. Gox Bankruptcy: A Brief History Mt. Gox was once the largest cryptocurrency exchange in the world, handling over 70% of all Bitcoin transactions at its peak in 2013. However, in February 2014, the exchange suddenly halted all trading and filed for bankruptcy, citing the loss of 850,000 BTC (worth over $450 million at the time) due to a hack. This event sent shockwaves through the cryptocurrency community and caused a significant drop in Bitcoin's value. The Road to Repayment For the past seven years, the Mt. Gox bankruptcy proceedings have been ongoing, with creditors eagerly waiting for their lost funds to be repaid. In 2018, a Japanese court approved a civil rehabilitation plan that would allow for creditors to be repaid in the form of BTC instead of Japanese yen, which would have resulted in s...