Mt. Gox Prepares 1 Billion Dollar Compensation Fund

Mt. Crypto Exchange Gox announced in August 2018 that they were preparing a refund worth around 1 billion dollars, for clients affected by hacking on their platform. This action was only carried out four years after Mt. Gox collapsed due to experiencing one of the biggest Bitcoin controversies of all time, namely losing 850,000 Bitcoin from their exchange system.

According to Fortune's report, the Tokyo District Court issued a decision to delay the closing process of Mt. Gox, and ordered the commencement of the civil rehabilitation phase, allowing the exchange to compensate for the client's loss with the remaining assets. Although declared bankrupt, Mt. Gox still has the remaining assets that have been frozen. Former CEO Mark Karpeles even claimed to have found 200,000 of the 850,000 Bitcoin lost from the Mt. exchange system. Gox.

In the refund scheme decided by this court, Mt. Gox is rumored to be circulating around 170,000 of its Bitcoin to compensate clients. If calculated at the current Bitcoin exchange rate, the amount is equivalent to 1.2 million Dollars. Regarding the form of compensation, the court has also decided if payment will be made in the form of Bitcoin, not paper money.
Fund Claims Can Be Performed From Now

According to a press release posted on the company's website, clients can now claim their crypto money that is lost through the form on the webpage. Clients from all over the world can easily participate in this compensation process. Apart from online options, clients can also submit claims by mail.
However, there is a maximum time limit for filing compensation claims. Clients affected by hacking at Mt. Gox must fill claims before October 22, 2018. Claims will be sent directly to the civil rehabilitation supervisory body, which is appointed to ensure the distribution of refunds from Mt. Gox to the client.

Meanwhile, the delivery of compensation funds cannot be expected to take place instantaneously after the client submits a claim. That's because Mt. Gox needs to develop new plans to distribute their assets to eligible clients. The court has targeted February 14, 2019 as the maximum time limit for companies to finalize this plan. Therefore, settlement of compensation until the funds are actually sent to the client is estimated to take at least 1 year from now.

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