Some of US will get at least a part of the lost investments back. Bitcoin
Over a year after Mt. Gox, once the biggest bitcoin exchange in the world, fell, former users will have the chance to file a claim in hopes of getting their lost cash back.
Mt. Gox bankruptcy trustee Nobuaki Kobayashi said on Wednesday that Mt. Gox users will now be able to file a claim via two on-line portal sites. People who do not have access to the Web or do not have access to the email accounts they formerly used on Mt. Gox can also file their claims offline.
A year ago, the Japan-based Mt. Gox fell after the firm disclosed that 850,000 bitcoins, worth more than $400 million, had been stolen by hackers. The service, which enabled users to trade in bitcoins, was left insolvent and its own executives sought bankruptcy protection. Users who’d entrusted their bitcoins to the exchange were out the cash they invested in the crypto-money.
Since Mt. Gox was given bankruptcy protection and a trustee was made to help affected users, lenders have been lining up to get at least some of their cash back. Meanwhile, the money continued on in other exchanges, like Coinbase and BitPay.
Bitcoin has acquired notoriety in the technology and finance worlds as it may be used to purchase things anonymously, and never have to go through banks. That means no trade or charge card fees. And because bitcoins are not tied to any state or subject to any regulations, international purchases are both simple and economical. Many people also view bitcoins as an investment, purchasing them in the hope they’ll grow in value — much like gold or silver.
Last week, a Tokyo-based security company focused on http://bitquick.co, named WizSec, released the outcomes of an investigation into Mt. Gox. The organization found that while Mt. Gox fell in early 2014 and it was formerly considered that the timing of the hack happened around that time, the cryptocurrency was slowly being siphoned from Mt. Gox as far back as 2011.