Once the largest and most popular crypto exchange Mt.Gox, then bankrupt, has repeatedly been the cause of major collapses of the bitcoin price. Not without it and this time.
According to many analysts, the sale of bitcoins on the exchange, which was carried out earlier this year by trustee Mt.Gox Nobuaki Kobayashi – and provoked a collapse in the price of BTC by 75%.
However, the Mt.Gox bankruptcy trustee will not be able to sell and distribute among the creditors the bitcoins of a non-functioning enterprise anymore.
The Tokyo District Court decided to begin the process of civil rehabilitation of the bankrupt stock exchange Mt.Gox in February 2019. This is stated in the release of the organization, – writes Bitcoinist.
The announcement, published on the Mt.Gox website, describes the stages of the process of civil rehabilitation of the once-largest site for trading bitcoin.
The key conclusion from the published document is that trustee Mt.Gox Nobuaki Kobayashi will no longer sell bitcoins to compensate losses of the exchange’s creditors, Tokyo journalist Bloomberg Yuji Nakamura points out.
Now, creditors can legally claim funds in bitcoin equivalent, since the process of civil rehabilitation does not involve the mandatory sale of bankrupt assets.
All creditors who want to receive compensation in bitcoins will have to reapply until October 22. Creditors will receive bitcoins (rather than JPY) in early-mid 2019.
If some creditors want to sell bitcoins, this will have a negative impact on the market only next year.
Recall, in March Kobayashi said that the sale of Bitcoins and Bitcoin Cash for a total of $ 406 million did not affect the market decline.
Nevertheless, traders closely follow the wallets of Mt.Gox and perceive any movements on them as a potential signal to the next “drain” of the cryptocurrency.
The next meeting of creditors Mt.Gox is scheduled for September 26, 2018. Earlier, creditors insisted on payment of compensation in bitcoins, but the Tokyo court intended to liquidate Mt.Gox, which implied repayment of funds in yen.