A Japanese court ruling may allow users who have lost their Bitcoins in the Mt. Gox exchange to retrieve their crypto coins. The ruling was released on Friday (June 22) by the district court of Tokyo, the capital of Japan.
In the document, it appears that a petition was approved of the former clients of the brokerage to move the company from the criminal to civil rehabilitation. In practice, the effect is that lenders will be able to get their BTCs back into BTCs , not Japanese fiat currency. The plan involves placing orders until October this year. Payments will begin in the first half of 2019.
The effect may be that a large amount of bitcoin will enter the market and may be dumped, given that they are bitcoins purchased by users in 2014 or earlier.
The decision may have affected the price of crypto-coins in the market. At present, Mt. Gox portfolios hold 137,891 BTC , worth approximately US $ 878 million.
It is worth remembering that Mt Gox filed for bankruptcy in 2014 and took with it 850,000 BTC from its users. Founded in 2010, three years later it was already responsible for 70% of transactions in Bitcoin around the world. When it broke the company declared the BTCs as missing, which at the time were worth approximately $ 450 million.
Even after some 200,000 BTCs are found, the circumstances of the disappearance – robbery, fraud, human failure, etc. – remain unknown. In April 2015, however, the WizSec security agency in Tokyo issued a study indicating that “most of all lost bitcoins have been stolen directly from Mt. Gox’s wallet.”
Until that decision, responsible for the mass of cryptoactive of the defunct Mt. Gox had been making punctual sales of the assets. It sold about $ 400 million in bitcoin and bitcoin cash between September 2017 and February 2018.
At the end of April, the holder of the most valuable Bitcoins portfolio in the world, took 16 thousand bitcoins from its cashier and another 16 thousand bitcoins cash. All this amount was directed to only two accounts, one for each variation of the cryptoman.
Every time the company made transfers the volume of circulation back to the market was so great that the cryptomoedas suffered a significant reduction in value in response to the increase in supply.