The Tokyo District Court has approved the commencement of civil rehabilitation in the ongoing Mt. Gox bankruptcy — with the process to expected to start early next year.
MT. GOX TRUSTEE WON’T DUMP ANY MORE BITCOIN
Court approves Mt. Gox civil rehab. Mostly good news:
1) Trustee won’t sell more BTC
2) Creditors receive BTC (not JPY) in early-mid 2019
3) Everyone must refile claims by Oct
4) Bad news: some creditors will sell BTC, so that will hang over market next yrhttps://t.co/gc8SW5tnER https://t.co/3AC49MvEVI
— Yuji Nakamura (@ynakamura56) June 22, 2018
Mt. Gox creditors are one step closer to receive more than $450 per bitcoin lost. The Tokyo District Court ordered to stop the bankruptcy process and start the civil rehabilitation process.
The document published on Mt. Gox website today reveals the tentative schedule on how civil rehabilitation is expected to proceed. The Mt. Gox bankruptcy claims-filing system has also been temporarily suspended.
The latest update contains mostly good news for Bitcoin price bulls — at least for now.
The key takeaway is that the Mt. Gox Trustee, Nobuaki Kobayashi, won’t sell any more bitcoin — at least for the foreseeable future until the creditors are reimbursed in bitcoin sometime early to mid-2019, according to Tokyo-based Bloomberg reporter Yuji Nakamura.
Nothing is for sure though, this might just like the earlier times be a trick and a selloff can occur.