The Mt. Gox incident began in 2010, and Mt. Gox quickly became the world's largest Bitcoin exchange. In 2014, the exchange announced that it had lost about 850,000 Bitcoins and filed for bankruptcy protection. The investigation found that security vulnerabilities were exploited by hackers. Founder Mark Karpeles was sentenced to 2.5 years of probation. In 2023, some assets will be recovered and distributed to victims, and compensation will continue until July 2024.
This incident has a huge impact on the crypto market. The latest progress:
1. Implementation of the compensation plan
Fund distribution: On July 20, 2024, the Mt. Gox liquidator announced that it had paid compensation to the first batch of victims. The liquidation team is making compensation as planned and is expected to complete the compensation of all victims in stages. So far, about 30% of the victims have received compensation.
2. Recovering Bitcoin
Bitcoin recovery: As of July 2024, the Mt. Gox liquidator has successfully recovered about 220,000 BTC (close to 26% of the total amount of lost Bitcoin). These bitcoins will be distributed to victims during the compensation process.
3. Legal proceedings progress
Mark Karpeles verdict: Mark Karpeles completed his probation in 2023. Although he no longer faces criminal charges, civil lawsuits related to Mt. Gox continue.
Victims' lawsuits: Some victims are still seeking additional compensation through legal means, especially for users who have not fully compensated their losses. The latest legal documents show that the legal dispute between victims and liquidators mainly focuses on the details of compensation calculation and distribution.
