Bitcoins Mt.Gox, worth $ 1.3 billion, will not move until next summer

Bitcoins Mt.Gox, worth $ 1.3 billion, will not move until next summer

The last Chapter in the Saga of Mt.Gox was the approval of the rehabilitation plan of exchange under which creditors will receive their payments in Bitcoin, and the first payment is not expected until next summer.

The revised document-application for civil rehabilitation, Mt.Gox was published on 2 August by attorneys representing creditors of the exchange:

“Mt. Gox is not able to return all the BTC that were on the balance sheets of creditors,” it says. “Accordingly, we believe that all of the assets of the exchange should be allocated among creditors, not shareholders”.

Approved in June a rehabilitation plan aimed at the distribution of 166 thousand BTC (nearly 1.3 billion U.S. dollars) between the victims of the collapse of the exchange. Creditors want their rehabilitation plan was as simple as possible, and their money was returned as soon as possible. One way to do this is to pay all in BTC/BCH instead of cash.

Lenders believe that payments using BTC and BCH are “the most simple and effective method” for allocation with the minimization of transaction costs such as Bank charges.

Citing concerns about market volatility and timing of the sale, the creditors also noted that the BTC from Mt.Gox for cash can also have a negative impact on the current price of Bitcoin. Therefore, instead of the personal wallets of the coins you will send to the exchanges, where lenders can access the account.

“We consider it appropriate to BTC and BCH were sent to the stock exchanges on which many lenders have account or can you open them”, — the document says.

However, Mt. Have Gox still owns a significant amount of cash from the sale of bitcoins. This balance is after payment of cash to creditors should be distributed among the creditors of cryptocurrency without the need to convert to BTC. In other words, some of them will get their payment not just in bitcoins, but in dollars.

In any case, the first payment to creditors will be the lion’s share of the total funds. He “will be made immediately” on the basis of the schedule after approval of the rehabilitation plan in may or June 2019 .

Until then, it is unlikely that coins Mt.Gox going anywhere until the summer of 2019. However, the tentative schedule is still subject to change, and traders will be closely watching for any movements of an asset Mt.Gox.

The next meeting of creditors is scheduled for September 26, 2018.

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