The infamous Tokyo-based Bitcoin exchange Mt. Gox quickly fastened its pace in the field of cryptocurrencies by opening its services in the year 2010. It hit the rock bottom in its business career when the exchange collapsed in the year 2014 and now in the current year the services are finally being withdrawn after repeated failures to acquire profits out of the existent business.

The problem majorly started when the popular exchange in Tokyo got robbed off by an attacker who managed to steal around 8.5 lakh BTC in the year 2014. Needless to say the company went bankrupt and was totally fallen in debts, including the money that was invested by the customers in their exchange.

A spokesperson of the company recently announced that the bankruptcy proceedings have been kept on hold for the time being since the exchange has promised to refund the amount of the customers. They have promised to pay off roughly $1 billion in Bitcoin currency to the customers who have invested previously.

Nobuaki Kobayashi, who is currently the trustee of Mt. Gox, was witnessed sharing the fact that rehabilitation proceedings are due to begin so that that the missing BTC are refunded to the former customers whose money has been stuck with the exchange ever since the attack took place.

Out of the total claims reported by the customers, only 25,000 (approx.) claims have been approved and that sums up to over $409 million dollars. Whosoever is entitled to the refunds will gain substantial amounts since they are entitled to get the amount in BTC value. However, the price has majorly increased since 2014. Mt. Gox has been able to find around 2 lakh bitcoins of total 8.5 lakh bitcoins that went missing previously.

Whether the rest of the BTC vanished in the Bermuda Triangle or not, we are yet to testify that theory but there has been no trace of the money that has vanished till now.


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