Mt.Gox Customers Could Get Their Lost Bitcoin Soon After 7 years

The famous Mt.Gox creditors could consider theirselves lucky right now. Although it’s on probability that they will get their lost Bitcoin refunded but at least there is hope. I guess they will be considered one of the luckiest people on earth because in 2014 bitcoin was worth about $380 and am sure that most them must have spent their Bitcoin by now.

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It’s not guaranteed that they will get all their Bitcoin, but at least a substantial amount of their lost bitcoin will be refunded. This is something that has been on the work for the past 7 years.

Mt.Gox was the biggest crypto exchange during 2014, this was where lots of people could buy and sell their Bitcoins as bitcoin and cryptocurrencies were not rampant at that time. Most bitcoin transactions that were processed in the world were handled by this company, we are talking about 70% of all the bitcoin transaction. Imagine the number of people who had their bitcoin in this exchange. But unfortunately, the company was hacked and 850,000 Bitcoins were duped off this company. This constituted to the 2014 bitcoin price crash, because you can imagine the FUD.

Imagine learning that bitcoin was unhanckable and very safe and one of the biggest exchanges in the world who consider theirselves secured gets hacked. The selling pressure of bitcoin will increase. Luckily for the investors there was a rehabilitation centre aimed towards retrieving their lost bitcoin. Some bitcoins were recovered in the past. On October 20th a refund letter was written by the committee of the rehabilitation fund, if all goes well and there is a final and binding, most customers with lost bitcoin will be asked to put in their refund details to receive payments.

It’s estimated that the total bitcoin expected will be worth approximately $9 billion. This is a huge sum of money, this has brought in some worries to some crypto analyst that think that these customers might sell off their coin causing a dip in the market when they do. You wouldn’t blame them, these people have waited 7 years for their bitcoin and seeing the price it is right now, that might likely happen.
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