Mt. Gox Bitcoin Exchange Hack Victims to Get $9B Windfall a Decade Later

After the 2011 hack, the company recovered roughly 140,000 coins, which at the time wasn’t worth much. Thanks to Bitcoin’s growth, those coins are now worth an astounding $9 billion.

People who lost money when Japanese Bitcoin exchange Mt. Gox went bankrupt nearly a decade ago may finally be getting some of that cash back.

After the 2011 hack, the company recovered roughly 140,000 coins, which at the time wasn’t worth much. But thanks to Bitcoin’s growth, those coins are now valued at a staggering $9 billion, and will be returned to many investors who lost money during the exchange’s bankruptcy.

At the time of the loss, a single Bitcoin was trading for around $600. Now, that same coin is worth $60,000. It is unclear how much investors will receive individually.

However, CNBC reports that one of the claimants in a class-action lawsuit against the company, Gregory Greene, said his account included $25,000 in frozen Bitcoin when Mt. Gox declared bankruptcy. It's now reportedly set to net him $2.5 million.

CNBC also notes that many account holders have sold off their claims over the past decade, so the number of people collecting now is likely smaller than in 2014.

Distributions to the site’s 20,000 creditors will begin next month and will be sent in a mixture of Bitcoin and Bitcoin Cash.

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