Over one billion dollars of Bitcoin, out of circulation since 2014, could soon be reabsorbed in the market as an exchange of cryptocurrencies in disgrace. Mt Gox enters the second phase of reorganization proceedings to repay its creditors.
Mt Gox, once the most important Bitcoin exchange in the world, announced last week that it has released a "system of filing complaints for online rehabilitation (…) for business users who have submitted their evidence bankruptcy using the MTGOX online bankruptcy filing system. "
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Users who have filed a valid bankruptcy application have until October 22, 2018 to file a claim for compensation and eventually be compensated for the losses suffered by the notorious Hack 2014 on the Japanese exchange.  The release of the complaint filing system for business users follows the release of the system for individual users on August 23
In June 2018, the failure of Mount Gox was concluded by a court in Tokyo, to conclude the distribution of Mt Gox's "huge assets" to shareholders for the time being. The sentence was welcomed by creditors as if it were officially moving the now deceased exchange into civil rehabilitation.
The payment, however, will not come immediately. Nobuaki Kobayashi, the trustee appointed by the court in the failure of Mt Gox, must formulate a new plan for the distribution of assets, which is scheduled for February 14, 2019. Currently there is no fixed date for payment to creditors.
Is. to BTC Crash Impending?
Mt Gox went offline in 2014 in the biggest stop in Bitcoin's history after 850,000 bitcoins worth $ 460 million at the time (and $ 5.5 billion now) were stolen in a hacking attack. Under suspicious circumstances, the exchange claimed to have lost track of about 750,000 bitcoins belonging to customers and another 100,000 of them, but later claimed to have found 200,000 bitcoins.
The recovered coins have been entrusted to Kobayashi. As of March 2018, it held about $ 1.9 billion worth of BTC and BCH. Kobayashi sold large amounts of BTC between December 2017 and February 2018 and was repeatedly accused of causing the collapse of the price of BTC
. A total of about 160,000-170,000 bitcoins ($ 1.03 billion at current prices) could be re-released in the market, raising the concerns of the cryptocurrency markets by taking a big hit. Kim Nilsson, a former trader of Mt Gox who "led the investigation into the bankruptcy of the exchange," he said The Telegraph that the lack of demand to buy thousands of bitcoins from the Mt Gox case could " completely block the market. "
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However, Nilsson also said that while some people probably sell their Bitcoins immediately, others might actually see the gain as a boon
"It is possible that some people try to sell Bitcoins immediately as soon as they receive them, but it would probably be less than 100% of the people who do it," he said. "These Bitcoins have been held back by force for a number of years, but it turned out that they ended up being an investment that had great appreciation for people, and I'm sure some creditors will be happy to get the Bitcoins back because it will only be free money, "he added.