Mount Gox creditors will be paid in crypto & case went for civil rehabilitation

Creditors who have a bitcoin at the infamous cryptocourrency exchange exchanges, a court has ruled, Gox can fix their money. According to a document posted on the mount. Gox website, Tokyo District Court on Friday approved a petition to transfer the company to criminal bankruptcy and civil rehabilitation. the exchange was hacked for more than $473 million in 2014, and until January 2018, Coincheck has been the biggest in the history of the theft industry. Theft left Mt. Gox was bankrupt, and it was forced into criminal bankruptcy in Japan, where it had its headquarters.

Mount Gox remained in criminal bankruptcy, the creditors will be paid in exchange rate at Fiat in 2014 - approximately $480 / BTC. However, Bitcoin has greatly appreciated in the interim, which means that the former owner of the mount. Gox, Mark Carpeles, will probably receive a large portion of the remaining income, which will be counted for millions of dollars. Creditors filed a petition with the court to allow Mount. Gox offers more exemption to enter the rehabilitation of citizens, a legal process which can be compensated to the creditors. Carpalis, who had served in jail for making money from the company, has said that he does not want money and will try his best to support creditors in his petition.

Now, when the court has approved this petition, the creditors can be reimbursed directly to cryptocurrency, although the exact specification of their compensation will depend on rehabilitation plans established during subsequent legal proceedings. The important thing is that creditors will have to submit proof of the claim form by October 22, 2018. It applies to all creditors, even those who had filed claims during the criminal bankruptcy proceedings. Creditors defaulting on the earlier deadline are eligible to participate in these new proceedings.

Trustee Mt, Gox Estate has already sold thousands of BTCs and BCHs, whose income was done to cover the JPY liabilities of the exchange. Many analysts believe that these sales have contributed to the recent bear market, on which date the mount Gox-owned bitcoin was correlated with a decline in the important bitcoin value. There is currently 137,891 BTCs in Wallet Gox Estate related to Mount - airdrop coins from fork like Bitcoin Cash and Bitcoin Gold as well as worth more than $ 878 million at the time of writing.

Trustee said in the document that there is no plan to sell any other money at present, although it depends on what condition applies in the rehabilitation plan approved by the court. However, the document indicates that these proceedings will not formally begin until February 2019, to ensure that there will be no more mounts. Gox soon stopped selling.