Will they return the bitcoins they owe? Is the question that echoes in every corner, the final deadline imposed by the Tokyo District Court to present a rehabilitation plan for those affected by the fall of the Mt. Gox exchange is approaching, which is estimated for October 15, 2020, and it’s still unknown what will happen.
There are some speculations about the refund of 150,000 BTC and the resulting liquidation that could negatively affect the Bitcoin markets. Others are much more incredulous and are confident that the court will continue to announce further delays and that the reimbursement will spread out over time.
The final deadline to submit a rehabilitation plan for those affected by the fall of Mt, Gox is approaching. As such, speculation about what it means for hack victims and for the Bitcoin market itself is growing, Mt.Gox highlights.
In a document published on June 30, the Tokyo District Court issued an order to extend the deadline for filing the rehabilitation plan to reimburse creditors until October 15.
After many years, dozens of lawsuits, and a plan to relaunch the exchange, the rehabilitation plan was established to compensate the victims. The court has already delayed this deadline numerous times, but if it doesn’t do so again, this is the date by which it will be clear how and when creditors can expect repayment.
In terms of selling pressure, 150,000 BTC at today’s prices is close to $ 1.6 billion. While only the volume of operations with Bitcoin in the last 24 hours is USD 58,000 million. That is, we are talking about a volume (in the case that all BTC were exchanged on the same day) of just 2.76%.
But most likely, according to many insiders, this return will be postponed even longer. Correspondence from the Tokyo District Court (dated October 1) was revealed in a letter posted on a website for MtGox victims that discouraged people from attending proceedings due to COVID-19. This may be clear evidence that delays will continue.
The beginnings of the largest Bitcoin exchange
Mt Gox was initially founded in 2007 by programmer Jed McCaleb. At that time, it functioned as an online portal for the exchange of letters of the well-known game Magic: The Gathering. The name Mt Gox was an acronym for “Magic: The Gathering Online eXchange.”
But the use and purpose of the site would begin to change. In July 2010, McCaleb read about Bitcoin on Slashdot. After learning about the cryptocurrency, he decided that the bitcoin community needed an exchange.
Its users could trade bitcoin and other regular currencies. Another point stated on July 18 says that McCaleb launched its exchange and price quotation service by deploying it under the domain name mtgox.com.
However, by March 2011, McCaleb sold Mt. Gox to French programmer and Bitcoin enthusiast Mark Karpeles. It was Karpeles who served as the CEO of Mt Gox, becoming its largest shareholder.
By: Jenson Nuñez.
