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21 January 2020

$2 Billion Lost in Mt. Gox Bitcoin Hack Can Be Recovered, Lawyer Claims

$2 Billion Lost in Mt. Gox Bitcoin Hack Can Be Recovered, Lawyer Claims

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In return for its assistance, the law firm will charge creditors 50 to 75 percent of the recovered sum, as well as an hourly rate.

Alexander Zheleznikov, the managing partner of ZP Legal (ZP stands for Zheleznikov and Partners), said he believed that some of the money stolen from Mt Gox might have ended up on another defunct crypto exchange, BTC-e.

Zheleznikov believes the criminal case against Vinnik, which Russian authorities are also investigating, can be accelerated if Mt Gox creditors come forward as victims and help law enforcement establish a connection between Mt Gox, BTC-e, and BTC-e’s successor, the also-failed Russian exchange WEX.

“Our plan is to represent the Mt.Gox creditors and help them report to Russian law enforcement so that the investigators could establish the connection between the stolen funds from Mt Gox, the operations of BTC-e and WEX, using Vinnik’s case,” Zheleznikov said.

Zheleznikov said his firm reached out to lawyers representing the Mt Gox creditors, and later the creditors themselves, with the help of the Russian embassy in Tokyo.

The firm connected the two sides and the next thing Zheleznikov heard was the victims telling him that “the matter was resolved,” he told CoinDesk.

According to a document shared by Pag,  ZP Legal told Mt Gox creditors that through a “close cooperation with law enforcement” it believed it could recover “up to 170,000 – 200,000 BTC.”.

Zheleznikov admits that his firm will be acting in the absence of settled practices.

We’re not promising anything — we assume that we have certain legal skills and there are some existing laws, and we hope to leverage it all,” Zheleznikov said.

However, due to a large number of claims and other ongoing legal issues, it is unclear when these funds will be returned

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