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.

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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.

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