Mt Gox Trustee Wishes to Proceed to the Bankruptcy Distribution Process – Featured Bitcoin News


Mt Gox Trustee Wishes to Proceed to the Bankruptcy Distribution Process

The latest Mt Gox creditors’ meeting trustee has revealed payment claims for customers have all been approved or rejected, but the bankruptcy investigation is still ongoing.

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Mt Gox Trustee Details Mt Gox Investigation Continues While Claims Are Being Processed

Mt Gox Trustee Wishes to Proceed to the Bankruptcy Distribution ProcessDuring the 8th Mt Gox creditors’ meeting, the Tokyo District Courts’ bankruptcy trustee Nobuaki Kobayashi has given the public an update concerning the proceedings. There have been a few changes since the 7th creditors’ meeting in regards to the “List of Assets and Balance Sheet,” as well as the holdings held by the bankrupt entity.       

The status of the bankruptcy estate, based on the investigation conducted up to the time of preparation of this Report, is as shown in the List of Assets and the Balance Sheet, and the balance in the account that I have secured as of March 7, 2017, is JPY 1,030,895,045, i.e., a decrease of approximately JPY 23,500,000 from the time of the 7th creditors’ meeting,” explains the bankruptcy trustee. “However, since the investigation of the status of the holdings of BTC is still on-going, the List of Assets and the Balance Sheet does not contain BTC held by the bankrupt entity.”

Kobayashi reveals the amount of bitcoin held by the bankruptcy estate is currently 202,185.36428254BTC. The trustee also states the court is still investigating the existence of additional bitcoins owned by the bankrupt organization and if more funds are found they will be moved to an address managed by Kobayashi.

In addition, Kobayashi details the number of claims accepted since the last creditors’ meeting. So far 24,750 claims have been filed, and the trustee has approved claims that total JPY 45,609,593,503. Since the last meeting, 81 additional claims have been approved, and Kobayashi also has retracted his objections against 19 filed claims. The latest creditors’ meeting report reveals all of the Mt Gox claims have been approved or rejected by Kobayashi.

The Disappearance of Mt Gox Bitcoin Holdings and Pending Distribution of Claims 

Mt Gox Trustee Wishes to Proceed to the Bankruptcy Distribution Process
Mt Gox bankruptcy trustee Nobuaki Kobayashi.

The most revealing aspect of the latest creditors’ meeting is the large sums of bitcoin that Mt Gox had allegedly possessed but have since disappeared. Kobayashi says the court is conducting investigations concerning this matter and if funds have disappeared the investigation will be delegated to third parties such as Deloitte Touche Tohmatsu, Reex Accounting Firm, and a firm called Payward. Furthermore, the court is working with the Tokyo officials who had arrested the former Mt Gox CEO, Mark Karpeles. The Mt Gox founder was prosecuted for tampering with electromagnetic records and suspicion of corporate embezzlement.

“I have been providing and will continue to provide the police with cooperation as much as possible,” details Kobayashi. “In connection with the police investigation, the careful treatment of information relating to the investigation is now needed.”

The Mt Gox trustee explains he believes it will still be difficult to understand “the full picture” of all the missing bitcoins. However, Kobayashi plans to continue the investigations as much as possible. “We are planning to disclose the results of the aforesaid investigation at the appropriate time, in the appropriate manner and with the appropriate content, taking into account concerns of privacy,” the trustee adds.

“Now that all bankruptcy claims have been accepted or rejected, henceforth, I wish to proceed to the distribution process as soon as possible,” concludes the 18-page trustees report. “At present, the possibility of carrying out a distribution and the timing and method thereof, has not yet been determined. — I will continue to consider whether, in the case where a distribution is possible, a distribution will be made by way of distributing BTC.”

What do you think about the latest Mt Gox creditors’ meeting? Do you think people will see their funds anytime soon? Do you believe there are more Mt Gox bitcoins that have disappeared? Let us know in the comments below.

Images courtesy of Shutterstock, and Pixabay. 

Tags in this story
Bankruptcy, Bitcoin, Investigation, Mark Karpeles, Mt Gox, Nobuaki Kobayashi, Tokyo Police

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Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

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