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Some of the digital coins have been recovered since the exchange went bust, but much of it is still lost. For each Bitcoin that has a bankruptcy claim on it, the estate only has 0.23 coin to disburse. On the positive side, Bitcoin traded at $489 when Mt. Gox went bankrupt, and is currently trading around $37,000 as of this writing — about 75 times higher. That means if you had 100 bitcoins worth $48,900 in 2014, you could now have 23 worth about $850,000.

Mt. Gox litigation has dragged on in part because of a $16 billion claim by CoinLab that observers have called “the elephant in the room.” However, the new agreement could allow smaller investors to recover their funds. Back in 2019, former Mt. Gox CEO Mark Karpeles was found not guilty of embezzlement related to the bankruptcy, but was convicted of records tampering and received a 2.5-year suspended sentence.

(Excerpt) Read more Here | 2021-01-18 14:31:04

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