Bitcoin’s soaring price means bankrupt Mt. Gox may soon be able to pay its creditors
In the bitcoin world, even insolvency is just a bull run away from being reversed.
The infamous bitcoin exchange Mt. Gox, which declared bankruptcy in 2014 while owing creditors 45 billion yen ($414 million), has a stash of bitcoins held by its trustee that—at least for the moment—are valuable enough to pay off its creditors and then some, thanks to the cryptocurrencies record-setting price surge this year. Bitcoin set a historic high two days ago (June 11), trading at over $3,000 a coin. The Mt. Gox trustee holds 202,185 bitcoins (pdf), which are now worth about $560 million, at the bitcoin price of nearly $2,800 today.
More than half a billion dollars worth of bitcoin just sitting in a trustee account hasn’t gone unnoticed. Mt. Gox creditors congregating on a sub-Reddit on discussion site Reddit have proposed many uses for this stash of money.
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https://qz.com/1003609/bitcoins-soaring-price-means-mt-gox-could-pay-its-debts-and-drw-wants-to-help/
