Victims of the Mt. Gox hack will be able to claim as much as 90 percent of the exchange’s remaining Bitcoin tied up in the bankruptcy.
According to Bloomberg, a deal between Mt. Gox’s bankruptcy trustee Nobuaki Kobayashi and MGIFLP, a unit of Fortress Investment Group, will be presented to creditors for approval. If the majority agree on the deal, they could receive almost all of the exchange’s remaining bitcoin holdings without waiting for the Mt. Gox exchange to settle.
Fortress, a major U.S. investment management firm, previously tried to buy claims from Mt. Gox creditors. The current deal would reimburse the customers directly from the exchange’s trust.
However, not all Bitcoin lost in the 2014 hack can be recovered. CoinLab, a company with a $16 billion claim against the exchange, said that Mt. Gox’s estate has only 0.23 BTC to give out for each Bitcoin locked up in the bankruptcy.
The deal comes almost seven years after the exchange filed for liquidation in 2014, claiming it lost 850,000 BTC. While around 200,000 BTC has since been recovered, none of the exchange’s users have yet been reimbursed for their losses. Lawsuits against the exchange have been ongoing for seven years, with user payouts being delayed several times in the past two years.