MtGox, the former top cryptocurrency exchange in the world, abruptly shuttered its operations in February 2014 after continuous hacks siphoned cryptocurrency out of the system. Now, the asset manager of MtGox has announced plans to refund remaining funds to the exchange’s customers.
Following the consolidation of remaining cryptocurrencies in MtGox, nearly 200,000 BTC, including various altcoins like Bitcoin Cash, previously distributed in 2018, have been collected. This is a stark difference from the market’s peak when almost a billion BTC circulated.
It is estimated that MtGox customers will receive a proportional return of approximately 15% of the cryptocurrency held in their accounts. Due to the surge in Bitcoin prices, increasing nearly 90 times since the company’s collapse, customers who receive Bitcoin refunds may see substantial profits. As MtGox begins distributing cryptocurrency refunds, a portion of customers may opt to sell their assets.
Source: CNBC, Wired
TLDR: MtGox, once a leading crypto exchange, is refunding remaining funds to customers following a series of hacks. Customers may receive around 15% of their held cryptocurrencies, with Bitcoin’s surge potentially leading to substantial profits.
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