According to a document recently of Mt. Gox. The Trustee was released, and the civil rehabilitation process.
After a Petition to the Tokyo District Council ordered that compensation should begin payments to the victims who have lost a total of 800,000 in Bitcoin.
The announcement is a great success for those who have lost due to the bankruptcy proceedings of the exchange, since the current bankruptcy procedure has been stopped. As Trustee Kobayashi wrote:
“In the event of bankruptcy, monetary claims on the Basis of the value at the time of opening of the bankruptcy proceedings are converted to proceedings-proceedings in the money claims. In contrast, not be converted in the civil rehabilitation proceedings, monetary claims at the time of the commencement of the civil rehabilitation proceedings in the money claims.“
The impact of this legal formality are two-fold. First, it represents a benefit for victims of the Hacks, since they can now make a claim on their lost Bitcoin and not the Fiat value at the time of the opening of the bankruptcy proceedings. (Bitcoin has grown over 1000% of its 2014 $ 450 assessment).
Secondly, Kobayashi will no longer be legally able to sell the deposited Bitcoin stock. Critics claim that Kobayashi sale of Bitcoins in the value of 400 million US dollars in January, was a significant factor for the development of the current bearish market.
These are very encouraging news for the victims of the Hacks. The Affected must, however, be patient still – The compensation will start in the next year.
Supposedly this is to protect the crypto currency markets from further negative price developments.
The effects of the in the year 2014 turbulence of the Mt Gox Hacks are still felt today. During the progress of the process seems to take the Fort, it was for the victims have already been a long journey and from the debacle of the Lessons learned remain very up to date.