MtGox Creditors Find New Hope As Court Halts Bankruptcy, Approves Rehab

[kreslik.news]

Tokyo District Court on Friday has accepted a motion to end the bankruptcy of Mt. Gox, once the world’s largest Bitcoin trading venue, and move the now-defunct exchange into civil rehabilitation.

The ruling halts payments or distribution of Mt. Gox’s “enormous assets” to shareholders for the time-being, which instead will be returned to creditors under rehabilitation proceedings.

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Daniel Kelman, a New York-based lawyer who is in charge to form a rehab group, said however that creditors’ victory has not been realized yet and it will only come when Mt. Gox makes payment and ... (read more)