Mt. Gox Case Processed to Civil Rehabilitation, Users May Be Reimbursed in Cryptocurrency

Home / Mt. Gox Case Processed to Civil Rehabilitation, Users May Be Reimbursed in Cryptocurrency

The Tokyo District Court approved a petition to move the company out of criminal bankruptcy and into civil rehabilitation. This means, that the creditors, holding their BTC assets at infamous cryptocurrency exchange may be able to recover their funds. Mt. Gox was forced into criminal bankruptcy in Japan in 2014 when it was hacked for over $473 million, the theft has since been insolvent. In case the exchange remained in criminal bankruptcy, creditors would likely have been paid in fiat currency at the exchange rate in 2014 — approximately $480/BTC.

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