Mt. Gox, the defunct and disgraced bitcoin exchange (at one time the biggest in the world) is preparing a final chapter in a long, sorted ordeal. Creditors have coalesced around a repayment scheme to make victims whole. It includes what might amount to $1.3 billion in returned bitcoin cash (BCH) and bitcoin core (BTC) as early as summer of 2019.
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Mt. Gox Creditors Outline Plans for Repayments by Summer of Next Year
The civil rehabilitation plan, a legal maneuver short of formal bankruptcy within the Japanese system, has been updated this August, relating to Mt. Gox and making victims whole. In an announcement published recently, creditors revised policy to better reflect feedback from the previous iteration.
Mark Karpeles of Mt. Gox back in 2014
The revision includes how formal repayment to victims will be in bitcoin cash (BCH) and bitcoin core (BTC) through existing accounts on various exchanges or pre-approved, newly opened accounts. “We think it desirable that the BTC and BCH be sent to exchanges in which many creditors have accounts or can open accounts easily,” creditors clarified.
Another sticky issue seemingly resolved, at least for now, is that of fiat paper, cash. Gox still holds residual cash from previous sales, and creditors wish that repaid to who they term “monetary creditors” first.
168,000 in BCH and 160,000 in BTC
Alternative coins to either BCH or BTC are no longer being considered in the creditors’ repayment scheme. Differing selections of alts, their notorious volatility, all conspired against their usage in this matter. Creditors describe the notion as “unrealistic.” True too would be such a dump on broader altcoin markets. “There is a possibility that the
