Mt. Gox Begins Civil Rehabilitation – Ends BTC Selloffs

Mt. Gox Begins Civil Rehabilitation – Ends BTC Selloffs

Mt Gox, the bankrupt cryptocurrency exchange, has now entered civil rehabilitation proceedings according to their official announcement on June 22. According to the proceedings documentation, Nobuaki Kobayashi will act as the civil rehabilitation trustee.

Kobayashi was formerly responsible for selling huge amounts of Bitcoin reserves at the beginning of Q4 last year. This selloff was used to reimburse Mount Gox users of the money they lost within the exchanges massive hack back in late 2013. This had a profound effect on the market as Bitcoin’s price tumbled immediately following the transaction.

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Due to the new bankruptcy proceedings, Kobayashi will no longer be able to sell Bitcoin into fiat currency. Users will receive compensation in BTC as opposed to fiat currency which had been the original intended method of distribution.

A group of claimants who had reacted to the news stated that the progress is considered a mixed blessing.

“The victory is not been finalized yet. It will come once the creditors actually receive payment from this catastrophic event.”

Mt. Gox has since become infamous within the cryptocurrency industry after suffering one of the largest hacks in the history of crypto. The resulting loss of $473 million worth of customer’s money was only second to the funds lost from this year’s Coincheck’s hack of $534 million.

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