MtGox Rehabilitation Payouts Postponed till March 2020

Avatar for Martijn Hoogeveen

The Tokyo District Court issued an order to extend the deadline for MtGox rehabilitation to March 31, 2020. The rehabilitation trustee, Nobuaki Kobayashi, who oversees the bankruptcy and now rehabilitation of MtGox needed more time to handle a large amount of claims that the trustee (partially) disapproved, but may become subject to procedures and appeals. Some creditors have objected against so-called self-approved claims without preceding bankruptcy claims.

202K bitcoin dangling above the market

The MtGox estate contains, despite most bitcoin having been stolen, still 202,106 bitcoin, a similar amount of bitcoin cash, or equivalents in Japanese yen, as the trustee has converted over time some of the bitcoins into fiat currency. One such transaction is seen as a trigger event for the bitcoin crash of January 2017.

The postponement of the distribution of bitcoins and equivalents to the creditors, given the huge amounts involved, is often seen as a reason for price hikes. Reversely, the sudden release of this huge lake of bitcoins, with a market value of around 1.6 billion USD, might on itself lead to a new bitcoin crash as the creditors who are waiting already for six years might not be the HODLer type.

Effects of the demise of MtGox

When MtGox went down, it was the largest bitcoin exchange on the planet, and the price of bitcoin crashed dramatically afterwards. It was a kind of single point of failure in the crypto ecosystem. Since then, it took a number of years for the crypto market to recover. Today, there is more diversification than ever in terms of: DLT or blockchain platforms, the number and quality of exchanges, secure wallet solutions, and security derivatives. Still, on a weekly basis, crypto exchanges run into trouble, but it is less of a threat as the industry seems to be learning from it. For example, by subjecting itself to crypto regulation.

NOTE: the author has an interest as he has a relatively small approved MtGox rehabilitation claim.

Subscribe to our newsletter and stay updated.

Leave a Reply

Your email address will not be published.

Icecat xml

Open Catalog Interface (OCI): Manual for Open Icecat XML and Full Icecat XML

This document describes the Icecat XML method of Icecat's Open Catalog Inte...
 November 3, 2019
 October 4, 2018

Manual for Icecat Live: Real-Time Product Data in Your App

Icecat Live is a (free) service that enables you to insert real-time produc...
 June 10, 2022
Manual for Icecat CSV Interface

Manual for Icecat CSV Interface

This document describes the manual for Icecat CSV interface (Comma-Separate...
 September 28, 2016

Manual for Open Icecat JSON Product Requests

JSON (JavaScript Object Notation) is an increasingly popular means of trans...
 September 17, 2018
icecat add ons

Icecat Add-ons including Magento, PrestaShop, Shopify, Magento, Google Shopping. NEW: Pimcore

Icecat has a huge list of integration partners, that make it easy for clien...
 August 1, 2020

Manual Personalized Interface File and Catalog from Icecat

With Icecat, you can generate personalized or customized CSV or Excel files...
 May 3, 2022
New Standard video thumbnail

Autheos video acquisition completed

July 21, Icecat and Autheos jointly a...
 September 7, 2021