The Drama Surrounding Mt.Gox Continues
March 22 2019 - 12:43PM
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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