A Treasure For Former Mt. Gox Clients

A Japanese court ruled that Mt. Gox, the once-powerful Bitcoin exchange, should exit bankruptcy proceedings, thus sparking hope for repayment for former customers who may finally receive refunds.

After an alleged cyber attack in February 2014, Mt. Gox was crippled after losing an estimated €460 million in Bitcoin, and since it's closure in 2014 all funds that remain under Mt. Gox are suspended under the Bankruptcy Protection Act.

The Attack

At the time of the theft, Mt. Gox was the largest Bitcoin exchange in the world. For customers, Mt. Gox was a sort of bank in which to deposit their bitcoin, with the substantial risk that no insurance covered their deposits.

Initially, the theft of 850,000 bitcoins seemed to consume all of the company's assets. It is estimated that at the time of the theft, the value of bitcoin stolen was €460 million, but that value increased to over 3 billion in losses by October 2014.