Mt Gox Creditors Can Now File Online Claims In A Rehabilitation Process
Mt Gox is, by far, the most famous bankruptcy in the crypto world. The exchange - the biggest in the world, by volume, at that time - had to eventually file for bankruptcy after reporting a theft of more than 733,000 Bitcoin. At the current price of $6,500, this means more than $4.7 billion.
Not only it sent the market on a 2 years bear trend, but it still generates ripples even today, 4 years after the events. You probably remember the sudden price crashes generated by the sale of vast amounts of Bitcoin by the "Tokyo whale", how Nobuaki Kobayashi, the trustee of Mt. Gox is known as.
But things seem to stabilize, or at least take a more profitable turn. In a letter published yesterday, Kobayashi announced a new claim filling system that can be used by the users of the defunct exchange.
The most important part of the whole story is, though, the moving from bankruptcy to civil rehabilitation.
And that's because civil rehabilitation opens the door for the creditors to be paid back in Bitcoin, to the amount they owned at the bankruptcy moment, and not in USD, at the Bitcoin price in 2014.
This is good news for creditors, but it remains to be seen how the markets will react.
In 2014, 1 BTC was roughly $4-500. If you sell at the current market price, you can still make a more than 10x profit. But that may, again, send the price to the floor, if many creditors will choose to get out.
There's still a lot of work to be done until the claim to be paid in BTC will succeed (if ever), but it never hurts to know that more than half a million Bitcoin will flood the markets again, at some point in the future.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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This is very important thing for the crypto market
Those are great news i hope to see people using that and getting their money
Lets see a rise already !
I think it's important in terms of legitimacy. If governments and large corporations begin to treat bitcoin as the proper asset that it is and show that there is recourse should something happen. That can only help it's stability in my opinion.
Smaart @dragosroua
No more questions on how you can dump & bump the market ... maybe at this moment the water it's still tapped and the strategies are still experimental so they can develop new ways of doing this in the Future
I'm not surprised
Thanks for sharing this great blog
Regards
Finally a sigh of relief for them from MT gox
I guess that's potentially good news for the investors. Who knows if they'll get all their money back, but even if they only get a fraction of the coins back, the prices have increased so much that they'll (hopefully) still get their USD investment back.
It could be bad for the market if it's all released at one. Like you said, if all those people sell at a similar time, the prices could drop even further.
Let's wait and see.
Does they have the money to pay out?
no info on that, yet, but my hunch is they do
I your hunch is right
I had a friend that lost over 200,000 dollars on Mt. Gox.