Bitcoin Global News (BGN)
March 21, 2019 -- ADVFN Crypto NewsWire -- Years after it was
hacked and many users lost large sums of money as a result, Mt.Gox
may be finally about to start paying its’ debts. As you may already
know, Mt.Gox began entered the official liquidation process in
2014, in which its’ remaining holdings were given to a trustee by
the Japanese court system.
Creditors began to give up the
possibility of ever seeing their funds returned and then, the
trustee announced in 2018 that what is called “civil
rehabilitation,” needed to be done. A new hope emerged.
Then the claims process was
closed in December and until this week, the trustee had still been
deliberating on how to even begin the process of refunding customer
assets. Then came Tuesday’s announcement, which, according to
CoinDesk, indicated that certain payments had been given the go
ahead, though the amounts of these payments do not seem to have
been released until today.
What is perhaps most important,
however, is that the bulk of Mt.Gox’s creditors will know whether
or not they will receive the amounts that they claim to have lost
in the hack or not, by next week or so.
Beyond this, the amounts that have
already been approved are of note because of how large some of them
are in relation to the assets that Mt.Gox supposedly still has at
its’ disposal. According to a follow-up announcement from Mt.Gox’s
trustee, this reportedly means that the exchange has $629,594,540
in cash, 141,686.35 Bitcoin, and 142,846.35 in Bitcoin
Cash.
With this in mind, CoinDesk’s claim
that the latest update from the trustee mentions approved claims to
the tune of 802,521 Bitcoin and 792,296 Bitcoin Cash, among other
massive numbers, it is easy to wonder how the exchange will be able
to make all of its’ required payments.
When the crypto market’s inherent
volatility is taken into account, this possibility becomes even
harder to grasp. Since the trustee and by extension, the exchange
itself, have a deadline of April 26 to finalize a plan to return
all valid claims, it is reasonable to conclude that everything will
become clear in the near future. For now, creditors can rest
assured that justice will be served after years of
waiting.
By: BGN Editorial Staff