Loss of users affected by the hacking of the exchange Mt.Gox in 2014 will be reimbursed in bitcoin. However, this will not happen until 1 quarter 2019 — a massive selling cryptocurrencies expected by the community is likely to be delayed.
Recall the litigation between the company and its creditors, who lost bitcoins in the first large-scale hacker attack on a cryptocurrency exchange that lasted for several years. On 22 June it became known that the procedure of liquidation of the assets of the crypto currency exchange is replaced by the civil rehabilitation.
The document presented by the Trustee of the Mt.Gox, Nobuaki Kobayashi (Nobuaki Kobayashi), clarifies the situation: all debts must be paid before the next stage of the bankruptcy proceedings, suspended at the time of the civil rehabilitation, while users wishing to get their amount in bitcoin instead of Fiat, will get them in accordance with the laws of Japan.
“In the framework of bankruptcy procedures non-monetary claims are converted into monetary claims based on the value as of the beginning of bankruptcy procedures. At the same time, procedures of civil rehabilitation provides that non-monetary claims are not converted into monetary claims at the time of commencement of procedures of civil rehabilitation,” appears in the document.
It should be noted, Nobuaki Kobayashi is known for the fact that he sold thousands of bitcoins Mt.Gox on the stock exchange, presumably by influencing the dynamics of the course leading cryptocurrency. Some members of the crypto community and does suggest that the downward trend of the exchange rate for bitcoin this year is largely due to his actions. Anyway, the fact that the Trustee exchange has sold more than 30 000 BTC over six months.
Now the law prohibits Kobayashi to sell bitcoins, it has at its disposal — at least, until the resumption of the hearing of the bankruptcy case.
According to the document, users affected by the hacking of Mt.Gox, can submit their claims before October 22. If the lawfulness requirement is confirmed, the request will be sent to the court no later than February 14, 2019.
It is noteworthy that the intention of the representatives of the Mt.Gox to compensate for the losses of users mentioned the CEO of the investment company BCM LLC Brian Kelly (Brian Kelly) among the three arguments in favor of bitcoin’s viability in the story CNBC called “the Funeral of bitcoin”.
“You think there will be a wave of sales. Not now!”, — said Kelly.
According to the expectations of the expert, the delay of payments up to 1 quarter of next year, will help reduce the risk of bearish fluctuations observed since January.
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