Latest in Bitcoin

Image credit:

Mt. Gox settles class-action lawsuit by turning customer creditors into owners

15 Shares
Share
Tweet
Share
Save

Sponsored Links

More good news for those who entrusted Bitcoin exchange Mt. Gox with their cryptocurrency. After filing for bankruptcy earlier this year, Mt. Gox found some 200,000 Bitcoins last month, and today it has tentatively settled its class-action lawsuit in the US. In exchange for dropping the case, customers will become part owners in the new Mt. Gox -- a group of investors is set to purchase and revive the failed exchange -- to the tune of 16.5 percent. Additionally, class members get to split up those rediscovered Bitcoins and another $20 million currently being held by Mt. Gox's bankruptcy administrator. The settlement, naturally, is contingent upon both the US court agreeing to the terms and a Japanese bankruptcy court approving the deal for Mt. Gox's sale. And, bear in mind that US beneficiaries of the settlement don't get priority over anyone else, nor do they get the full ownership stake in the new Mt. Gox. The settlement terms would apply to creditors throughout the world, and the benefits of the deal will be shared equally amongst them.

Mt. Gox is dead. Long live Mt. Gox.

[Image Credit: AP Photo/Shizuo Kambayashi]

Coverage: Reuters
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
15 Shares
Share
Tweet
Share
Save

Popular on Engadget

Engadget's 2019 Back-to-School Guide

Engadget's 2019 Back-to-School Guide

View
B&H sale cuts up to $350 off Apple's 2019 iMacs

B&H sale cuts up to $350 off Apple's 2019 iMacs

View
NVIDIA's latest GPU drivers pack a speed boost for 'Apex Legends'

NVIDIA's latest GPU drivers pack a speed boost for 'Apex Legends'

View
The latest 'Fortnite' weapon lets you drop heavy stuff on opponents’ heads

The latest 'Fortnite' weapon lets you drop heavy stuff on opponents’ heads

View
ThinkPad X1 Carbon review (2019): Sometimes it’s good to be boring

ThinkPad X1 Carbon review (2019): Sometimes it’s good to be boring

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr