Mt. Gox Crypto Exchange Begins Civil Rehabilitation Proceedings, Ends Bitcoin Sell-Offs

in #bitcoin6 years ago

Defunct Bitcoin exchange Mt. Gox has formally entered civil rehabilitation proceedings, officials announced June 22.

A statement and accompanying documentation confirm the move, which will see attorney Nobuaki Kobayashi act as civil rehabilitation trustee.

Kobayashi was responsible for selling vast tranches of Bitcoin reserves beginning Q4 last year to reimburse Mt. Gox users who lost money in the exchange’s mass hack in late 2013. The sell-offs appeared to have a conspicuous effect on markets, Bitcoin prices tumbling immediately following each transaction, which Kobayashi performed on major exchanges.

“The power and authority to administer and dispose of MTGOX’s assets is still vested exclusively in me, and I will implement the civil rehabilitation proceedings, including the administration of MTGOX’s assets and the investigation of claims, subject to the Tokyo District Court’s supervision,” Kobayashi wrote in the new documentation.

However, due to the bankruptcy proceedings now being halted as part of the civil rehabilitation, Kobayashi will not sell any further bitcoins, with users set to receive compensation in BTC instead of fiat currency as originally intended.

“...In the civil 2 rehabilitation proceedings in this matter, claims seeking a refund of Bitcoins (“Bitcoin Claims”) will also not be converted into monetary claims after the commencement of the civil rehabilitation proceedings,” Kobayashi continues.725_Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy83YTM1NDFmOTZiYmM3ZGY2YzJiNjhiYTE5NzNhNWYwOS5qcGc=.jpg

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Good news but i don't think only mt gox dumping the price of bitcoin big wheals are manupulating the price of Bitcoin

will you pls like my blog...i will do same

we'll not get piss off now..

will you pls like my blog...

That's a good news
Now bitcoin some stability.

Yes, you are right dear and you have explained in few words.
Thank you for such valuable words. !!!!!
Keep writing such post....!!!!

now Mt. Gox will not be able to sell its btc so market will be stable.....good news in crypto

correct i heard he is not able to sell still 2019

done bhaoi ker deya

Thanks for for the update it's really helpful to me

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