Coordinator of the group called Mt.Gox Legal, the largest association of creditors of the once main world Bitcoin exchange, will stop its activities, because, in his opinion, litigation with CoinLab has delayed the civil rehabilitation process for years. This was reported by CoinDesk.
Mt.Gox Legal was created in the fall of 2017 to achieve a transition from bankruptcy to civilian rehabilitation, which would allow lenders to receive payments in bitcoins, rather than in fiat equivalent, at the time of the procedure.
According to Pag, the group represents the interests of more than 1000 lenders who claim 150 thousand BTC (15% of the total debt of Mt.Gox). All of them pooled resources to pay for leading lawyers in Japan.
It started around 18 months ago when it became clear that the price of bitcoin was rising and the assets of the Mt Gox trustee was going to be more than the liabilities. Top Japanese lawyers are very expensive so [we pooled together].
Founder and coordinator, Mt. Gox Legal
He added that he could no longer spend time on the Mt.Gox case and therefore sold his rights to pay in Bitcoins to an unnamed New York investment firm at $ 600 for 1 BTC.
Note, the former chairman of the Bitcoin Foundation and the head of CoinLab, Peter Vincennes, demands from Mt.Gox about 1.6 trillion yen ($ 16 billion) for breach of the contract of 2012, according to which his company was allegedly appointed by the American representative of the exchange.
The court must now consider the expediency of Vincennes’s claims, which, in any outcome, can take up to two years.
Earlier it became known that the trustee of Mt.Gox Nobuaki Kobayashi completed the consideration of applications of creditors.