Mt.Gox Civil Rehabilitation Has Begun
The first good news for Mt.Gox creditors and overall cryptocurrency market. According to the announcement, the ongoing bankruptcy of the cryptocurrency exchange platform has been “paused” and now a civil rehabilitation process has started.
What does it mean?
Court approves Mt. Gox civil rehab. Mostly good news:
1) Trustee won’t sell more BTC
2) Creditors receive BTC (not JPY) in early-mid 2019
3) Everyone must refile claims by Oct
4) Bad news: some creditors will sell BTC, so that will hang over market next yrhttps://t.co/gc8SW5tnER https://t.co/3AC49MvEVI
— Yuji Nakamura (@ynakamura56) 22 czerwca 2018
As Bloomberg tech reporter tweeted, the trustee won’t sell more BTC, so the drops will not be as hard as it used to be. The great news for creditors, which will receive their receivables in bitcoin, not in JPY.
The Tokyo District Court issued an order yesterday (i.e., June 22) in which they approved a petition to start a Mt.Gox civil rehabilitation (which they submitted in November last year).
According to Mt.Gox trustee, Nobuaki Kobayashi announcement insinuate that the creditors who are seeking to receive their lost funds in BTC may receive a larger amount of money than those who demanded to be repaid in fiat when the cryptocurrency exchange platform began the bankruptcy procedure.
As we know from AMA, while bankruptcy procedure the assets have to be “monetized” to price from the beginning of the bankruptcy (BTC = ~$400), while creditors now, will receive their “lost” funds in cryptocurrencies.
The Mt. Gox trustee will report the current status of the exchange assets at a “Meeting for reporting the status of property and submission deadline for a report under Article 125 of the Civil Rehabilitation Act” in September 26, 2018
The rehabilitation claims can be submitted until October 22, 2018.
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