The Mt Gox side has just tabled a proposal to compensate investors affected by the stock market hack in any year via a voting form, and the votes will end on October 8th.
User Mt. Gox is actively voting for the refund proposal
Applicants are actively voting before tomorrow’s October 8 deadline. However, many of them still question whether the return policy is complete and correct. Those concerns are understandable too, as they have suffered for so long since the 2014 hack to the present day. And for the proposal to be adopted, a minimum of 50% of the vote is required to support the provisions.
The money recovery and investor compensation plans were first announced on May 31, 2021 after the Tokyo District Court released the draft. And tomorrow is the day when a big investor shock ends. The cashback amount can be up to a total of 150,000 BTC.
MT. Gox is a household name in the cryptocurrency market. It was originally one of the giants in the crypto space as a pioneer and accounted for over 70% of all Bitcoin transactions. But then the stock market collapsed after a notorious hack.
In 2014, Mt. Gox announced that a large amount of $ 450 million worth of BTC was likely stolen and the exchange was going to close. This was the biggest crash to date that caused the Bitcoin price to collapse. This is considered a defining moment in the market and is often viewed as a case study.
Lessons for the cryptocurrency market
As the largest exchange at the time that went bankrupt due to a hack, Mt. Gox has become a bloody lesson for the crypto market. Although born very prematurely, the exchange is proof that if the security system is inadequate, everything will die.
MT. Gox was originally developed by Stellar Lumens and Ripple co-founder Jed McCaleb. He then sold the platform to Mark Karpeles in March 2011. Several months later, many people claimed their personal information had been leaked and put up for sale.
By 2014, regulators had received too many complaints from users and had to intervene. At the same time, a large amount of BTC was stolen, which put an end to the exchange. The incident prompted exchanges to take stronger security measures and drew more attention to the crypto market. Today’s trading platforms are much more privacy-focused for fear of a similar incident.
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