MtGox bankruptcy trustee secures further JPY183 million, still no clarity on distribution

Maria Nikolova

MtGox bankruptcy trustee said he had secured a total of JPY1.2 billion, up by JPY 183 million from the preceding meeting of creditors.

Bitcoin inventor is Australian scientist Dr Craig Wright!

Although the bankruptcy trustee of ill-fated Bitcoin exchange MtGox has managed to secure more funds, there is still no clarity about an eventual distribution of funds to those affected by the Exchange collapse.

In the documents distributed at the ninth creditors’ meeting, held earlier today in Tokyo, the trustee says that secured an account balance of JPY 1,213,801,185, that is, an increase of approximately JPY 183,000,000 from the time of the 8th creditors’ meeting. The amount of BTC managed by the bankruptcy estate as of September 21, 2017, is 202,185.36428254 BTC.

The trustee confirmed that he is still conducting investigations into whether any BTC or money in other currencies that were possessed by or under the control of the bankrupt entity have disappeared, and if they have, the events leading to such disappearance. Parts of the work have been delegated to Deloitte Touche Tohmatsu LLC (and its affiliates) and ReEx Accounting Firm, with the assistance of supporting company Payward.

Additionally, while Robert Marie Mark Karpeles was arrested and prosecuted, following a request made by investigation agencies such as the Metropolitan Police Department to cooperate with their investigation, the trustee has been providing them with cooperation. In connection with such police investigation, the careful treatment of information relating to the investigation is needed.

There was no positive news with regard to money distribution. The trustee said that after all bankruptcy claims have been accepted or rejected, he is willing to proceed to the distribution process as soon as possible. However, the detailed schedule thereof will inevitably be affected, among others, by each creditor’s response to the acceptance or rejection of his or her claim.

“Therefore, at present, the matters such as the possibility of carrying out a distribution and the timing and method thereof have not yet been determined”, he said.

The next creditors’ meeting is scheduled for March 7, 2018.

Read this next

Executive Moves

Avelacom appoints Timothy Wong to run new Hong Kong office toward APAC expansion

Avelacom helps to achieve sub-millisecond speed of market data and order execution across both derivatives exchanges and crypto markets.

Executive Moves

XS.com hires Ahmed Negm, a popular market analyst on CNBC, Sky News, Bloomberg’s Asharq

“Ahmed’s expertise and passion for understanding the intricacies of the financial markets will be invaluable as we continue to grow our client base and expand into new jurisdictions.”

Institutional FX

ATFX uses blockchain to help clients verify IBs and vice versa

ATFX said it has been working on the IB verification project for a few months.

Industry News

Research market in dire straits as SEC’s ‘no-action’ letter on MiFID II lapses in June – survey

“Of all the regulatory news that has hit the research market in the last few months, this is the one change that will fundamentally impact what fund managers can access and pay for in future.”

Executive Moves

Wombat appoints ex-abrdn Richard Charnock as UK platform turns to Europe

Launched in 2019, Wombat provides a dedicated mobile investing platform – available on both iOS and Android – offering users both range and choice.

Institutional FX

Broadridge integrates Point Focal’s pre and post-market reports

“Point Focal provides a unique lens on the market which will help add alpha to the trading process and these new insights will rapidly improve performance while mitigating execution risk and simplify trading.”

Technology

XCritical integrates with Brokeree Solutions, allowing its clients to launch copy trading 

The forex software provider – XCritical, has integrated Social Trading by Brokeree Solutions into their CRM system.

Industry News

HKEX partners with Saudi exchange for cross listings, ESG, Fintech

“The Kingdom of Saudi Arabia, and the broader Middle Eastern region, are one of the world’s most dynamic and exciting economic and innovation hubs and also home to some of the fastest growing investor groups in the world. Hong Kong and HKEX’s markets offer significant opportunities for international investors and corporates, including unrivalled connectivity to the Mainland Chinese markets through our unique Connect programmes. This agreement signals the beginning of even greater collaboration between our companies and our home markets, and we look forward to exploring many future areas of cooperation.”

Executive Moves

CMC Markets Connect relocates APAC team led by Peter Foster to Singapore

“Singapore is a vibrant city and is now undoubtedly seen as Asia’s leading financial hub. The decision to bolster the CMC Markets Connect team here will help us cement the company’s position as a leading provider of multi asset liquidity and comprehensive trading solutions across the region.”

<