Mt. Gox is on the verge of finally paying its creditors after five years since its collapse, according to new documents that were just published by the company’s trustee Nobuaki Kobayashi.
A Much Needed Respite
Reports coming in from the camp of the unpopular fallen exchange has been flooding in since the beginning of the year, and this is probably the first that all creditors would seem to welcome with open arms after previously staging protests to demand for their funds.
A few weeks ago, Mt. Gox’s former CEO and major owner, Mark Karpeles escaped jail term in a complicated series of events that has continued to drag on after half a decade. The first step— which was a welcome reprieve for previous users of the Mt. Gox exchange whose coins disappeared mysteriously—was the discovery of 200,000 bitcoins in a “forgotten wallet” to reduce the number of missing Bitcoins to 650,000. The move was soon however suspected as a foul play, and Mark Karpeles was tried and found guilty of trying to influence the company’s assets by more than $33 million.
However the release of new documents revealing that the company is now ready to pay its creditors— who had done amazingly well, by the way, to be patient for years— is set to lighten up the mood of many previous users who had felt hard done by, to the extent at which a few many protested with placards questioning Mt. Gox’s integrity.
Just a Few Moments Longer
While there are no plans whatsoever to revive the fallen crypto exchange— unlike Crypto celebrity Brock Pierce’s claims that he is about to spearhead the exchange revival dubbed the “Gox Rising”— the Tokyo District Court has been notified of the thousands of filings by creditors and each has been reviewed, approved or disproved accordingly.
Nobuaki Kobayashi, popularly known as Tokyo Whale in many circles and trustee to Mt. Gox, has announced he will be making is decision known soon, following his release of new documents.
According to Kobayashi, creditors would be receiving cash or cryptocurrency as payment once the bankruptcy plans are approved and in case of the latter, affected creditors would have to create separate accounts in other exchanges to receive consequent cryptocurrency distributions.
With Mt. Gox having access to 141,686.35 BTC and 142,846.35 BCH alone, almost $600 million in total, concerns are being quietly raised on how a sudden release of the coins could affect the crypto market negatively.