Bitcoin windfall coming for Mt. Gox creditors after decade-long wait and 10,000% price spike

Defunct bitcoin exchange Mt. Gox will soon begin paying back thousands of users roughly $9 billion worth of crypto in total.

Up to 950,000 bitcoin were lost in the 2011 hack, at a time when the cryptocurrency was trading for a tiny fraction of its current value. Some 140,000 of those coins were recovered, a haul that, at today's prices, means that roughly $9 billion worth of bitcoin will be returned to its owners.against Mt. Gox and its former CEO. Greene said at the time that his frozen account contained $25,000 in bitcoin, though he didn't disclose the exact number of coins in his wallet.

Mt. Gox was an online marketplace where people could buy or sell bitcoin using different currencies. At the height of its success, the platform was the largest spot bitcoin exchange in the world, claiming to handle around 80% of all global dollar trades for bitcoin. Alex Thorn, head of research at crypto asset management firm Galaxy Digital, said in a note last month that the vast majority of creditors he's spoken with have said they will take a payout in-kind, meaning in cryptocurrency rather than fiat. They'll also be largely holding on to the assets.

"Assuming most of the liquidations by Mt. Gox creditors take place in July, creates a trajectory where crypto prices come under further pressure in July, but start rebounding from August onwards," the analysts wrote.

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