Mt. Gox Will Compensate $1 Billion in Bitcoin, But Will Not Sell Until 2019

Mt.Gox is undoubtedly the cryptocurrency exchange with the most amount of notoriety, suffering the first notable Bitcoin hack, losing over 800,000 Bitcoin. Since the hack, legal battles have raged between the exchange and its creditors, the thousands of users of the exchange who lost Bitcoin in the hack.

Kobayashi became the topic of discussion in the cryptocurrency community, as he sold thousands of BTC on exchanges, causing substantial fluctuations in price. Some attributed a large majority of 2018’s downward price movement to his sell orders, reportedly selling over 30,000 BTC over the span of six months.

On June 22nd, Nobuaki Kobayashi, the now infamous Mt.Gox trustee, released a document giving an update on the Mt.Gox’s legal situation. According to the document, Mt.Gox has finally got the go-ahead for the commencement of the civil rehabilitation process. The start of the civil rehabilitation process will temporarily pause Mt.Gox’s ongoing bankruptcy court case, assuring that all debts are paid before the continuation of the bankruptcy proceedings.

The aforementioned document released by Mr.Kobayashi made it clear that users slated to get a “Bitcoin Claim” will receive Bitcoin instead of Japanese Yen, in accordance with Japanese civil rehabilitation law.