According to a document on the website of Mt. Gox was approved by the district court of Tokyo on Friday on a Petition, the Mt, the bankruptcy procedure of the company. Gox stops and the civilian rehabilitation process initiates. For investors in the crypto market and the Bitcoin owner, it is a very positive message because the Mt. Gox Trustee, also known as a Bitcoin-whale, at least for the time being, no sales of assets in bankruptcy can make.
The judgment of the court, that the creditors of the insolvent crypto-currency exchange Mt. Gox their claims directly in Bitcoin to be paid to get not only to the value in Fiat, the Bitcoin had in 2014, but in BTC. The exact details of the compensation depends on the rehabilitation plan, which must be determined in later court proceedings.
The insolvency procedure of the now no longer existent stock market, which has suffered in 2014, the largest Bitcoin Hack of all time, and about 850,000 Bitcoin were stolen, will be put back in order, so that the Trustee of the insolvent company can start with the repayment of approximately a billion dollars in Bitcoin. Important for creditors is that up to the 22. October 2018, a new application is required.
Currently, there are an estimated 24.750 approved claims out of a total of approximately 409 million dollars. The refunds could mean significant gains for former customers compared to the reimbursement in the insolvency proceedings. At the time of the Mt. Gox Hacks, was a Bitcoin 483 U.S. Dollar value, for a total of 200,000 BTC a value of 96.6 million dollars.
The recovered funds were frozen until the middle of 2017 in the bankruptcy mass of the company. Since September 2017, the Trustee of the insolvent exchange, Nobuaki Kobayashi started to liquidate the Bitcoin, and has to sell since then, over 62,000 Bitcoin, Bitcoin, Cash, and other Fork Coins of Bitcoin. A total of 137.890 are in the bankruptcy estate,96 BTC (nearly 880 million U.S. dollars), or about 0.8 percent of all Bitcoins currently in circulation.
In the past few months, Kobayashi stood in the crypto-community is always strong in the criticism. He was accused that he downturns through its sales of Bitcoin and the Bitcoin Cash Market to a significant degree influenced or initiated. The judgment of the Tokyo district court, therefore, should be, for many, Bitcoin-price-to-COP, the good news. At least for the foreseeable future, until the creditors will be compensated in the early-to mid-2019 in Bitcoin, should any further sales of Bitcoin from the insolvency mass of Mt. Gox to take place.
Kobayashi himself denied the market manipulation, but is always and repeatedly in the current document (freely translated):
As for the sales from December 2017 to February 2018 Bitcoin and Bitcoin to Cash in a manner and in consultation with cryptocurrency transaction experts were sold, which had no impact on the market price. The sale was not made by a normal sale on a stock exchange.
The next interesting date, the creditors ‘ meeting on March 26. September, 2018, to report on the status of the civil rehabilitation process.
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