Quote from: eaglewhite80 on June 22, 2018, 03:05:59 PM

Quote from: https://cointelegraph.com/news/mt-gox-crypto-exchange-begins-civil-rehabilitation-proceedings-ends-bitcoin-sell-offs

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 exchanges 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 MTGOXs assets is still vested exclusively in me, and I will implement the civil rehabilitation proceedings, including the administration of MTGOXs assets and the investigation of claims, subject to the Tokyo District Courts 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.

Reacting to the news, a group of claimants who had established Mt. Gox Creditors lobby group out of dissatisfaction with progress considered it a mixed blessing.

...Enormous assets, which were to be distributed to Mt. Goxs shareholders under the bankruptcy proceedings, will be returned to creditors of Mt.Gox in civil rehabilitation proceedings. This is the creditors victory, a statement from the group reads.

...However, this victory has not been realized yet. The victory will come to creditors when Mt. Gox makes payment to creditors and creditors actually receive such payment.

Mt. Gox became infamous in the crypto industry after suffering a hack, followed by a collapse in 2014, resulting in the loss of $473 million worth of customers money - the single largest loss of funds in the history of crypto until this years $534 million Coincheck hack.

This news I believe will at least douse the sell-off tension in the market and probably cure the MtGox fever. This is what I expected should have been done anyway, right from the onset.

Do you think this should somehow bring about some recovery in the market, or do you think it would have no impact? From what I can see though, I want to assume the downtrend in the market is far beyond the MtGox sell-off which was just more like what added fuel to it, but the downtrend was rather imminent from the manipulated FOMO activity that happened last year. What are your thoughts on this?

Mt. Gox official says they may start paying back their creditors as soon as next year. They claimed the initial discovery of the missing/hacked 850,000 Bitcoin in the year 2014, Mt. Gox has found 200,000 Bitcoin of them.

At the time of the Mt. Gox hack event in 2014, Bitcoin price was $483 which has a value of $96.6 mln for 200,000 Bitcoin.
The recovered funds have been frozen in the Mt Gox bankruptcy estate for four years, The recovered 200,000 Bitcoin is now worth an estimated $1.2 Bln in Bitcoin
(at 1BTC=$6,100) without its forks, Bitcoin Cash.
Quite impressive investment, huh?