Nearly $5 billion in bitcoin could make their way back to Mt. Gox users following a deal between creditors and CoinLab. Nevertheless, the agreement is still reportedly subject to creditor acceptance.
- Bloomberg reporter Matt Leising offered a brief explanation of the story earlier today, noting that CoinLab has reached a deal with Mt. Gox creditors for 90% of the bitcoins they are owned.
- Should the deal indeed proceed, the creditors would receive over 135,000 bitcoins out of 150,000. With today’s prices, this sizeable amount has a value of $4.8 billion.
- As those users have been waiting for over six years to receive their coins, whose value has appreciated significantly, the community speculated that they might dispose of the bitcoins, which could harm the market.
- Founded in 2011, CoinLab partnered with Mt. Gox in late 2012 to handle transactions for the exchange in the North American region. However, the collaboration ended rather shortly as CoinLab took Mt. Gox to court, alleging that the trading platform had broken its contractual agreement.
- The Japan-based crypto exchange was the largest trading platform years ago, responsible for over 70% of the BTC transactions during its peak. However, it all crumbled after one of the largest hacks in the cryptocurrency field in which the attackers took 850,000 bitcoins – worth over $30 billion today.