Name Symbol Market Market Cap ($) Algorithm
Bitcoin BTCUSD Crypto 95,106,551,262 SHA-256d
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  91.30 +1.72% 5,390.01 5,381.85 5,385.25
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The Drama Surrounding Mt.Gox Continues

22/03/2019 4:43pm

ADVFN Crypto NewsWire


Bitcoin Global News (BGN)

March 22, 2019 -- ADVFN Crypto NewsWire -- Yesterday, we reported on the disclosure of the funds that Mt.Gox’s trustee actually has at his disposal to payback the exchange’s creditors. Today, CoinDesk reported that a group of 1,000 of those people have read the disclosure and drawn up their idea of how the assets should be distributed.

In addition to this, the same article states that Mr.Kobayashi, who is the trustee in question, is still hoping that some of the funds from the hack will make their way back to him since the exchange does not even have enough crypto on hand to cover the claims they have approved.

What is perhaps most striking about the drafted proposal mentioned above is that the creditors have noted a key risk in selling off the forked-Bitcoin assets that Mt.Gox now holds. Apparently, the trustee holds so many of these coins like Bitcoin Diamond and Bitcoin Private, among others, that his holdings outweigh the daily trading numbers of these assets. Therefore, the key argument of the creditors that selling them off would cause a significant dip in the market seems logical.

Perhaps doing so would not help things along but only hurt the market as a whole, as they suggest. If this is true however, what is to be done with these forked assets? Mt.Gox cannot keep them. Doing so would be akin to holding on to debts to customers without ever paying them back.

Since this is true, then what action can be taken? Reportedly, these creditors suggest that Mt.Gox sell its’ Bitcoin and Bitcoin Cash holdings back to eligible creditors, but auction off the private keys to the forked coins in crypto, to mitigate against some sort of mini-market collapse.

Since they also suggest that a legal group that is separate from the Japanese courts be made accountable for any hacked funds that return to the exchange over time, matters might finally be heating up. In other words, is it finally time for the trustee to make more definitive statements on all of this? Since he does not exactly have the greatest reputation in terms of caring about the crypto market as well, more pressure might be needed.



By: BGN Editorial Staff

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P: V:gb D:20190422 22:07:41