$2 Bln (200,000 BTC) Lost In Mt. Gox Bitcoin Hack Can Be Recovered For A 75% Fee Claims Russian Law Firm

Prominent law firm from Russia Zheleznikov and Partners claims that a proposed legal action in the country can recover the funds lost in the Mt. Gox hack. They claim that they can recover an estimated 170,000 to 200,000 Bitcoins from the Russian parties who received the stolen tokens. The value of these tokens will touch $1.7 billion to $2 billion based on the current market rate, as of press time.

To start off with, they have to initiate a criminal case in Russia relating to Mt Gox. Without a criminal case being started in Russia, this information is not being brought together. To initiate a case, they have to present victims of the theft to the police. But there are numerous complications. Some of the complications will be dealt with in the new law amendment coming into force in October 2019, which would assist in recognizing cryptos as assets.

Andy Pag, a former BBC journalist and now an employee of the law firm states:

“If our assumptions of those connections are correct, the [thieves] will ultimately come forward and plead guilty, and to reduce the punishment, they will offer to recover a part of the funds. If they don’t, they will be deemed guilty by law enforcement, and then there will be a chance to sue them for damages based on the criminal case.”

The report also retailed that the law firm is asking the creditors for 50 to 75% from the recovered amount, along with hourly fees for their legal work. The company, however, will accept payments only in case of any successful recovery.

Pag is interested in the saga, as he was one of the many people who had funds on Mt. Gox when it suddenly shut down in 2014.

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Author: Sritanshu Sinha