Mt. Gox Trustees Liquidate BTC and BCH Totaling $230M as Part of Settlement Process

Mt. Gox, the infamous cryptocurrency exchange (really a Bitcoin exchange) that went bankrupt in 2014 due to mismanagement and theft, is getting closer to settling at least some of the claims that stand against it. Today, the bankruptcy trustee published a document indicating BTC 24,658.00762 and BCH  25,331.00761 have been liquidated to settle creditors claims.

The document states:

As a result of consultation with the court and the examiner, the bankruptcy trustee (i) determined that it was necessary and appropriate to procure a suitable amount of money to secure the interests that the creditors for the principal amount and delay damages of the determined and undetermined bankruptcy claims that have been filed in the Bankruptcy Proceedings (approximately JPY 73,373 million in total, including BTC claims (i.e., claims such as those for the return of cryptocurrency split from BTC; hereinafter the same) and monetary claims) which were expected to have already obtained in the Bankruptcy Proceedings, and (ii) implemented the Sale.”

“As a result of the Sale, the balance in the bankrupt trustee’s account was approximately JPY 70,059 million immediately prior to the establishment of the trust in accordance with the Trust Agreement described below. As mentioned below, from the amount of approximately JPY 70,059 million, the bankruptcy trustee established a trust of JPY 15,894,530,915.”

Last August, the Trustee announced a process for proof of claims against the remnants of Mt. Gox. The deadline for filing proofs of claim has been set by the Tokyo District Court as October 22, 2018. While the courts have been sifting through the Mt. Gox carcass for some time now the commencement of civil rehabilitation proceedings began this past June.

There is a fairly vibrant of Mt.Gox casualties chatting on Reddit. At least it looks like some people can expect to get a portion of their money back. A shame the Bitcoin wasn’t liquidated in December of 2017.

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