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A Brief History of Mt. Gox: Final repayment of #BTC

A brief history of Mt. Gox and the final repayment of BTC

This thread will cover ;

-What's Mt. Gox? -What happened to Mt. Gox? -When will Mt. Gox begin to repay?

1/x What's Mt. Gox?

The Tokyo-based cryptocurrency exchange, operated from 2010 until it declared bankruptcy in 2014.

Mt. Gox was the world's largest Bitcoin

exchange and handled 70% to 80% of total Bitcoin

transactions.

2/x Fun Fact :

Mt. Gox once was an exchange to trade "Magic: The Gathering" cards online. It has been called Mt. Gox (Magic: the Gathering Online eXchange).

3/x What happened to Mt. Gox?

As the world's largest BTC

exchange, Mt. Gox was the target of hackers and got hacked in 2011, which caused several thousand BTC to be lost.

4/x What happened to Mt. Gox? (Cont.)

Moreover, in 2014, customers experienced a funds withdrawal issue resulting from a bug in the Bitcoin software.

Mt. Gox suffered from this event and discovered that the company had lost 650,000–850,000 Bitcoin

5/x What happened to Mt. Gox? (Cont.)

However, Mt. Gox recovered 162,105.97 Bitcoin , which was stored in a cold wallet and will be made available to creditors.

6/x When will Mt. Gox start repayment?

There has been NO confirmation of the repayment date yet.

The repayment will not be distributed at once to avoid selling pressure.

It will be split into two payments arranged for creditors; the initial payment and the final payment.

7/x When will Mt. Gox start repayment? (Cont.)

Moreover, creditors can choose whether to get paid in BTC, BCH, or cash.

The repayment process might take months and will not happen soon, as you might see from this creditor's tweet.

8/x When will Mt. Gox start repayment? (Cont.)

Currently, there are 137,890.98 BTC in Mt. Gox's cold wallet.

This post is based on this twitter thread.

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