Mt. Gox Trustee Delays Bitcoin Distribution by March

audaciousbeing

hero member

Activity: 1330

Merit: 569

Quote from: Baofeng on November 17, 2019, 05:36:28 AM

Well, another bump in the road,

Quote

Nobuaki Kobayashi (pictured), the rehabilitation trustee for the bankrupt bitcoin exchange MT Gox, stated last month the distribution of funds can not meet the deadline of 28th of October, so it has been postponed to March 31, 2020.

That’s precisely six years since MT Gox entered bankruptcy in 2014, with the trustee stating according to a rough translation:

“I am in discussion with several parties while continuing to consider how to pay each creditor.

https://www.trustnodes.com/2019/11/13/mt-gox-trustee-delays-bitcoin-distribution-to-march

I guess we are still far from settling this and it will still haunt us no matter what. I'm not sure if Mt. Gox claimants here in the community has heard of this news. But I guess they can't do anything at this point but to wait for further notice and I do hope that they won't fall for scammers around who's taking advantage of this Mt. Gox case.

Its unfortunate that this issue is being allowed to linger up till this moment because its just not comprehensible when some set of people would hold others stagnant because they want to just have a larger chunk of the cake thereby using the court to frustrate the entire process. I wonder if those who are supposed to benefit from this wouldn't have died before its eventually resolved. Its sad really not only to the parties concerned but the impact its making on the entire market.

malevolent

legendary

Activity: 3472

Merit: 1724

Are there any more projected reasons for a delay? Shady companies like Bitfinex or BTC-e/Wex, even if they had/have other problems, were able to figure out things significantly quicker than the legacy legal system. Six years is a travesty of justice for those affected being forced to wait to get their coins back.

dunfida

legendary

Activity: 3122

Merit: 1140

Quote from: 1Referee on November 18, 2019, 05:24:22 AM

Quote from: figmentofmyass on November 17, 2019, 02:30:52 PM

on the plus side, this means 145k bitcoins won't be recirculated into the supply yet. i assume some portion of those coins will be sold on the market once distributed, pushing prices down.

Not sure if it's a plus side that these coins haven't been sold yet. One way or another, it will hurt the market for sure. The only question is will it hurt the market a lot or in lesser form, so I rather see them be sold at current lower rates, which makes it easier for buyers to chew through all the selling. The higher the price is, the fewer capital there is to absorb such abnormally large sales.

$1 million at $8500 can absorb 117.64BTC.
$1 million at $19,000 can absorb 52.63BTC.

You get the idea. It's much better that these coins get sold as soon as possible with the price being lower.

Nah! they would rather choose up to HODL Wink

I almost forgot this Mt. Gox case still going or in process of giving back.For those people who are still waiting after all these years wont really have any choice but
to agree or would always tail on what would they gonna say.I wont be surprised if they would do make some alteration once again on the said date and saying again
that they would move it on 2021.

Harlot

hero member

Activity: 1806

Merit: 672

Well they did extend the rehabilitation claim deadline for the users that ended October 22, 2018 to November 18, 2019 so I would understand why they have extended their deadline as well. It may not sound right but a payout in October 28 wasn't really possible with the extended deadline they did for the claims. Mt. Gox even if they extend and extend the deadline for their payouts it wouldn't stop their obligation to pay their users the money they rightfully own. So maybe if they move the March deadline again I would expect the court to intervene and maybe do some action for their clients.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: figmentofmyass on November 17, 2019, 02:30:52 PM

on the plus side, this means 145k bitcoins won't be recirculated into the supply yet. i assume some portion of those coins will be sold on the market once distributed, pushing prices down.

Not sure if it's a plus side that these coins haven't been sold yet. One way or another, it will hurt the market for sure. The only question is will it hurt the market a lot or in lesser form, so I rather see them be sold at current lower rates, which makes it easier for buyers to chew through all the selling. The higher the price is, the fewer capital there is to absorb such abnormally large sales.

$1 million at $8500 can absorb 117.64BTC.
$1 million at $19,000 can absorb 52.63BTC.

You get the idea. It's much better that these coins get sold as soon as possible with the price being lower.

CryptoBry

sr. member

Activity: 1008

Merit: 355

Quote from: Baofeng on November 17, 2019, 05:36:28 AM

I guess we are still far from settling this and it will still haunt us no matter what. I'm not sure if Mt. Gox claimants here in the community has heard of this news. But I guess they can't do anything at this point but to wait for further notice and I do hope that they won't fall for scammers around who's taking advantage of this Mt. Gox case.

Almost six years and justice has not yet been served to many victims of the Mt Gox fiasco. And then I assumed that things here in the world of cryptocurrency are moving fast, obviously not when it comes to a legal maneuvering like what happened here. I am not one of the victims of this popular failed exchange but I can feel the pain of the many who are still yearning that even a small percentage of what they lost can be back. I understand that victims are not getting the Bitcoin they lost but just the equivalent dollar value at the time when the exchange fell, and this was a major blow plus the continuing delay we can say that this is really a discouraging situation but victims have no choice but to continue hoping. Let's hope that something like this will never occur again, otherwise it can really be catastrophic to the victims and to the cryptocurrency in general.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

my god, peter vessenes is still holding things up with his frivolous lawsuit?

as expected, the bankruptcy court saw right through his bullshit, denying his claim for billions. tbh i'm amazed the courts granted coinlab $4 million at all. and now vessenes is appealing for more---what a scumbag!

on the plus side, this means 145k bitcoins won't be recirculated into the supply yet. i assume some portion of those coins will be sold on the market once distributed, pushing prices down.

Baofeng

legendary

Activity: 2576

Merit: 1655

Well, another bump in the road,

Quote

Nobuaki Kobayashi (pictured), the rehabilitation trustee for the bankrupt bitcoin exchange MT Gox, stated last month the distribution of funds can not meet the deadline of 28th of October, so it has been postponed to March 31, 2020.

That’s precisely six years since MT Gox entered bankruptcy in 2014, with the trustee stating according to a rough translation:

“I am in discussion with several parties while continuing to consider how to pay each creditor.

https://www.trustnodes.com/2019/11/13/mt-gox-trustee-delays-bitcoin-distribution-to-march

I guess we are still far from settling this and it will still haunt us no matter what. I'm not sure if Mt. Gox claimants here in the community has heard of this news. But I guess they can't do anything at this point but to wait for further notice and I do hope that they won't fall for scammers around who's taking advantage of this Mt. Gox case.

Topic: Mt. Gox Trustee Delays Bitcoin Distribution by March (Read 183 times)