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Mt. Gox rehabilitation update: Users could get a portion of their Bitcoins [BTC] back

Mt. Gox rehabilitation update: users could get a portion of their bitcoins [btc] back

Mt. Gox rehabilitation update: Users could get a portion of their Bitcoins [BTC] back

bitcoin [BTC] has seen a fair share of controversies since its inception, both with regards to its technology and adoption. Before bitcoin shocked the financial market by hitting the $20,000-mark almost two years ago, Mt. Gox played a crucial role in involuntarily orchestrating a major turn of events, leading to the eventual downfall of the king coin in 2018.

The erstwhile exchange’s civil rehabilitation proceedings started on March 20, 2019, when the Tokyo District Court informed the public about the status of approval or disapproval of exchange-related and non-exchange-related rehabilitation claims. Now, in a new update, its seems that Mt. Gox is planning to return at least a portion of the Bitcoins held by all users.

In an email dated April 22, 2019, sent to all Mt. Gox users, the exchange revealed that the “self-approved rehabilitation claim” became active following the withdrawal of objections by creditors to the said claims. The statement read,

“As a result, the approval of your self-approved rehabilitation claim has become effective, and you no longer need to file an application for claim assessment. Even if you have received a PDF form of the application from the Rehabilitation Trustee, you do not have to submit the application.”

The email also lists Mt. Gox as the debtor and Nobuaki Kobayashi, Attorney-at-law, as the rehabilitation trustee.

Screenshot of the mail from mt gox to all users

Screenshot of the mail from Mt Gox to all users

This clarification effectively means that any user who held bitcoin on the exchange when it went offline would get a portion of their funds back, even if they did not file any claim in their name. Though the exact amount is unknown, this comes as good news to many investors who kept their distance from the legal proceedings as they will also get a part of their funds back now.

A Reddit user, DerEwige, commented,

“Just to clarify. That does not mean it will happen soon. Nor do I know how much of the money is left. All it means is: If you had money on MtGox you have made legal claims on that money even if you did not do so yourself and are now a creditor in the bankruptcy case of MtGox. Once the case is closed you will (probably) receive your share.”

Another Reddit user said,

“You’re basically just selling your claim to the whole btc to another company for a fraction of the total.”

After losing 850,000 Bitcoins worth $450 million (at that time) in one of the biggest hacks in the history of the cryptoverse, Mt Gox was declared bankrupt in 2014. Though it lost roughly 7% of all Bitcoins in circulation at that time, the exchange has been making an effort to pay back creditors following multiple lawsuits.

However, there hadn’t been any update on the same over the past few weeks. Andy Pag, a former administrator of Mt. Gox Legal, attributed the delay in the processing of the claims to CoinLab and its mammoth claim of $16 billion.

The post Mt. Gox rehabilitation update: Users could get a portion of their Bitcoins [BTC] back appeared first on AMBCrypto.

Published at Mon, 22 Apr 2019 16:29:44 +0000

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Price Analysis: Cryptocurrencies Hit $100 Billion Market Cap as Bitcoin Reaches for New Highs

Bitcoin Price Analysis

bitcoin approaches a new all-time high (ATH) in price and market cap as we re-enter a mode of price discovery. All of this occurs in the settling of an unresolved block size and scalability debate set to be disrupted with the UASF on August 1. Cryptocurrencies, as a whole, now hold over $100 billion in market cap for the first time. While bitcoin (BTC) leads the pack at just over $46.6 billion, or 47.9 percent of all cryptocurrencies, the recent surge in these other coins has helped to push the total cap over the top.

Since the Bitfinex hack low on August 2, bitcoin has traded better than JP Morgan, Goldman Sachs, Tesla, Apple, Google and gold. One of the few stocks to match the frenetic pace of bitcoin has been Nvidia, which is up over 200 percent since July of last year.

percetn comp.png

bitcoin is also trading much better than all the major payment processors including Visa, American Express, Mastercard, Capital One, Discover and PayPal.

payment processors.png

The strong upward trend of global OTC volume suggests this is not an isolated incident, limited to Asian countries alone, but indicates organic growth of price worldwide. The deflationary aspects of bitcoin are having an unquestionable role in shaping the supply/demand curve.

ALL.png

Although China, Japan and South Korea are trading at a ~$100-plus premium compared to the exchanges in the United States, most of the volume in the past 24 hours has been driven by USD.

usd.png

There is no certainty of a top until bullish momentum and buying are exhausted, but you can use Fibonacci extensions, previous fractals and pivots to find resistance targets.

Price broke the critical resistance level of 50 percent of the pullback on June 1 and has not looked back. Each Fib has shown both support and resistance on the way up, so with a reasonable degree of probability, the Fib extensions should be seen as resistance targets as well. This would bring price in the zone of $2,950–3,300 on the index.

blx 1h fibs.png

Looking at the bigger picture, the Fib extension of the previous down fractal yielded a price almost three times the low. Using those same Fibs, this would bring the price to around $6,500 when this next run-up is all said and done.

fibs ath.png

There is also a growing bearish divergence with higher highs in price and lower highs on RSI (white diagonal line). The bear divergence can be negated with new high on RSI. Last, monthly pivots also yield a resistance maximum (R5) at around $5,800.

Summary

  1. A new ATH is extremely likely, with continued demand for bitcoin and cryptocurrencies worldwide.

  2. Despite the heavy premiums in Asia, USD trading volume leads the rally.

  3. Based on technicals, targets above $3,000 are extremely likely in the near future.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on bitcoin Magazine and BTCMedia related sites do not necessarily reflect the opinion of BTCMedia and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Price Analysis: Cryptocurrencies Hit $100 Billion Market Cap as Bitcoin Reaches for New Highs appeared first on Bitcoin Magazine.

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