The Infamous 2014 Security Breach
In 2014, Mt. Gox, a major cryptocurrency exchange, suffered a security breach that resulted in the loss of 850,000 Bitcoin (BTC) belonging to its users. Since then, investors have been on a decade-long pursuit of reimbursement for their lost funds.
A Decade of Delays
Mt. Gox has repeatedly postponed its repayment deadlines, prolonging the wait for investors. The latest extension pushes the repayment date to October 31, 2024, making it the 11th year of waiting for Mt. Gox investors.
The Rise and Fall of Mt. Gox
In 2014, Mt. Gox filed for bankruptcy after losing nearly $500,000. It was a major blow to the cryptocurrency industry, as the exchange managed 70% of the total circulating Bitcoin at the time. The loss led to numerous lawsuits and a growing sentiment of mistrust.
Legal Battles and Rehabilitation Plans
Over the years, Mt. Gox CEO Mark Karpelès faced legal troubles and there were discussions about his involvement in embezzlement. In 2018, Mt. Gox revised its policy and decided that all assets should be distributed to creditors, but a resolution that satisfied everyone was never reached.
Hope in 2021
In October 2021, Mt. Gox creditors approved a rehabilitation plan that would compensate them for their losses. With the soaring value of Bitcoin, there was hope that the funds held by Mt. Gox could be enough to reimburse the investors.
Continued Delays and Disappointments
Despite the positive sentiment, the process continued to be plagued by delays and missed deadlines. The repayment registrations were pushed into the future multiple times in 2023, disappointing the creditors once again.
Mt. Gox has not yet responded to requests for comment regarding its commitment to reimburse users' funds. The saga continues, and investors are still waiting for closure.