Mt. Gox, the defunct Bitcoin exchange, will pay creditors $9 billion, bringing a six-year-old chapter to a close.

Mt. Gox, a Bitcoin exchange based in Tokyo, Japan, met an untimely end in 2014 when it was hacked and lost 850,000 Bitcoin tokens. Customers who lost money on Mt. Gox have been hammering the bankrupt firm with legal letters and complaints since it stated that it will repay $9 billion (approximately Rs. 67,531 crores) to them. The stolen Bitcoins were valued at about $500 million (roughly Rs. 3,751 crores) at the time of the theft, a value that has since multiplied, with Bitcoin presently selling at $63,925 (nearly Rs. 48 lakh) per token.

Nobuaki Kobayashi, Mt. Gox’s Attorney-at-Law, announced in an official statement that the creditors had agreed to disperse the stolen Bitcoins to those who had incurred losses if they were ever discovered.

The confirmation order is likely to become official and binding in roughly one month from today, depending on the scenario, according to the release.

Former customers who are concerned will get complete information on the time, methods, and amount of reimbursement from the firm.

Kolin Burges, a customer for Bitcoin digital currency, protests near a building housing Tibanne Co. office, a mother company oprating the Mt.Gox K.K. bitcoin exchange, in Tokyo, Japan, on Tuesday, Feb. 25, 2014. Photographer: Kiyoshi Ota/Bloomberg *** Local Caption *** Kolin Burges


The cryptocurrency trading platform was created in 2010, exactly one year after Satoshi Nakamoto, an unidentified person who went by the pseudonym Satoshi mined the first Bitcoin.

According to a report by news portal Coinnounce, this Japanese exchange became the “largest” Bitcoin exchange in the world soon after its inception.

Mt. Gox has experienced significant losses, despite being able to recover 200,000 Bitcoins in 2014. The firm had no choice except to declare bankruptcy.

Mt. Gox founder Mark Karpeles was found guilty of data manipulation but not of embezzlement by a Japanese court in March 2019, and his sentence was postponed for four years.

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