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CEO of hacked exchange Mt. Gox claims he does not want the $1 Billion Payout

April 05, 2018 15:14
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Mark Kerpeles, the former CEO of Hacked Exchange, MtGox recently made an announcement on Reddit that he is not interested in $1 Billion worth Bitcoins that he is entitled to. After the hack where millions of dollars worth Bitcoins were lost, the exchange filed for bankruptcy in 2014.

At the time, the exchange still had a lot of funds which were seized by the government and is controlled by a trustee now. This trustee is responsible for overseeing redistribution of assets to creditors.

Mark has been accused of filing Bankruptcy for a huge payout, and here’s how that works. According to Japanese Bankruptcy laws, creditor’s claims are registered in Japanese Yen. At that time, Bitcoin was worth less than $1,000. But Bitcoin exploded last year to a high of $20,000. Then there’s more value due to forks like Bitcoin Cash.

It is estimated that MtGox will be left with more than 160,000 Bitcoin and Bitcoin Cash after the creditors have been refunded in full. This is worth more than $1 Billion at the time of writing this article when the market is extremely bearish. Legally, MtGox shareholders are entitled to these assets.

Explaining this, Mark clarified that he is not interested in the money and that the bankruptcy was not filed for selfish reasons. He is interested in Civil Rehabilitation in Crypto where Creditors get all their money in Crypto.

In the end, Kerpeles confessed the hack was a mistake and apologised to everyone for what has happened.

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