coinculture.com
During the registration request, creditors were offered the choice of obtaining their Bitcoin early, in a partial lump amount or waiting until the completion of civil rehabilitation when additional money is available.
Court-appointed trustee Nobauaki Kobayashi said payments would begin in late August.
“Following discussions with the Court and in accordance with the Rehabilitation Plan, the Rehabilitation Trustee plans to set the Assignment, etc. Restriction Reference Period from approximately the end of August this year until all or part of the repayments made as initial repayments is completed for safe and secure Repayments.”
Months-long payment process
Crypto expert Danny Devan says the procedure might take months and doesn’t threaten Bitcoin’s price immediately.
Let’s clear up the Twitter misinformation. Tomorrow, Mt.Gox won’t release all 137,000 bitcoin. Tomorrow, creditors will receive bitcoin. Devan tweeted on August 27 that the procedure would take months.
137k (~$3b) worth of #Bitcoin could be dumped onto the market, 8 years after the Mt. Gox hack.
Some are labelling this as the biggest “black swan” in $BTC history.
🧵: What you need to know about Mt. Gox: A fascinating story of hacks, lies and deceit. 👇
— Miles Deutscher (@milesdeutscher) July 9, 2022
Crypto trading specialist Michal van de Poppe tweeted on August 26 that the anxiety was unjustified.
In the November 2017 rehabilitation plan, Kobayashi mentioned that creditors might opt to receive BTC in dollars or Bitcoin Cash.
Creditors are early believers in crypto and may wait till the asset rallies to benefit. Bitcoin has plunged 60% from its high.
Bitcoin continues to struggle.
Bitcoin is trying to hold above $20,000 after dipping below the value on August 27. The asset was trading at $20,020 with 24-hour losses of nearly 1%.
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BTC daily chart. Source: CoinCulture
Mt.Gox was the largest Bitcoin exchange before hackers stole 850,000 BTC worth $500 million. Only 150,000 stolen Bitcoin have been retrieved.
The Tokyo District Court accepted the Mt. Gox civil restoration plan draft in December 2020, Finbold reported in October 2021.