The legal system does not take what is fair into consideration most times so the liquidation procedures will depend on the process established by law. Unfortunately, the creditors (people who had Bitcoin on the exchange) claims will fall between superior creditors, government taxes, lawyers being paid for the proceedings, and shareholders. Therefore, those who deserve to get the most will be squeezed by the interests of the other participants. It will also have an impact on the market again as the overhang of this pending supply would keep pressure on the price.
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