If you’ve been involved in the crypto world for a while, you’ve probably heard of Mt. Gox heard. This was the largest crypto exchange in the world in the early years of bitcoin, before the misery broke out and it went bankrupt in 2014. With that bankruptcy, approximately 850,000 bitcoin were lost, part of which has now been recovered and will be paid out to the rightful owners in the short term.
MtGox creditors: are you unsure choosing between Early Lump Sum Payment or waiting for Final Payment? Both are perfectly valid and rational choices, and you should think for yourself and decide what’s best for you.
A few considerations. 🧵 https://t.co/WkwVcZysRh
— WizSec Bitcoin Research (@wizsecurity) March 2, 2023
What is Mt. Gox?
Mt. For a long time, Gox was the largest and ‘most reliable’ exchange in the crypto world. The platform was founded in 2009 by Jed McCaleb, an American programmer, and was acquired by French businessman Mark Karpelès in 2011.
Originally Mt. Gox was founded to act as an online marketplace for trading Magic: The Gathering cards, but it later moved on to bitcoin and some of the other cryptocurrencies that came with it in the early days.
It quickly grew into one of the most important bitcoin exchanges in the world. At the height of its popularity, the exchange platform processed about 70 percent of all bitcoin transactions in the period from 2013 – 2014.
In February 2014, the platform announced that it had lost approximately 850,000 bitcoin, which at the time was worth around $450 million. This caused the implosion of the stock market and the bankruptcy of the company.
It was speculated that the bitcoin was stolen as a result of a hack, although some reports suggest that due to fraud or negligence by Mt. Gox itself have been lost. To this day, the toppling of Mt. Gox seen as one of the biggest scandals in bitcoin history.
Time to pay back the bitcoin
We are now almost ten years later, but for the users of the platform there is finally light at the end of the long and dark tunnel. At the moment, the creditors of the platform have until March 10 to make a choice about their bitcoin. They can choose to receive a sum of money immediately or wait for the so-called ‘final payment.’
If they opt for the latter, then it is still a matter of waiting for the money. Most people will choose eggs for their money and probably want to receive their bitcoin as soon as possible. Not all 850,000 bitcoin have been found, but the part that has been recovered is in any case worth a lot more than when it was lost in 2014. It is therefore feared that these investors will choose to sell their BTC immediately .