MtGox trustee provides update on account balance

Maria Nikolova

The account balance that the Rehabilitation Trustee has secured as of March 19, 2019 is JPY 69.55 billion.

Nobuaki Kobayashi, the Rehabilitation Trustee of ill-fated Bitcoin exchange MtGox, has earlier today published the documents distributed at the second creditor’s meeting (under the Civil Rehabilitation Proceedings).

The account balance that the Rehabilitation Trustee has secured as of March 19, 2019 is JPY 69,553,086,521, which sees a decrease of about JPY 122,000,000 from the time of the 1st creditors’ meeting under the Civil Rehabilitation Proceedings that took place on September 26, 2018.

However, the account balance that has been secured reflects the money put in a trust. The Rehabilitation Trustee has established the trust in an effort to protect the interests of bankruptcy creditors and entrusted the amount of JPY 15,894,588,396 (including an amount expected to be appropriated for various expenses of the trust) in the trust.

The amount of BTC held by the Rehabilitation Debtor as of March 18, 2019 is 141,686.35371099 BTC. The Rehabilitation Trustee is still investigating the existence of additional BTC held by the Rehabilitation Debtor. If any BTC is found, the Rehabilitation Trustee will move them to the address managed. Further, the amount of BCH held by MtGox as of March 18, 2019 is 142,846.35166254 BCH.

The Rehabilitation Trustee understands that the cryptocurrencies split from BTC of the Rehabilitation Debtor belong to the estate of the Rehabilitation Debtor and will be a source of distribution to rehabilitation creditors.

Let’s recall that some of the creditors of MtGox filed a petition for commencement of civil rehabilitation proceedings against the Exchange with the Tokyo District Court on November 24, 2017. The petition was heard on June 22, 2018, and the Tokyo District Court issued an order of the commencement of civil rehabilitation proceedings for MtGox. As a result, the previously ongoing bankruptcy proceedings were stayed. Due to the stay of the bankruptcy proceedings, MtGox bankruptcy claims filing system has been temporarily suspended.

In the documents made public today, Nobuaki Kobayashi provided some information on the timetable of the Civil Rehabilitation Procedures. The period of investigation regarding Exchange-Related Rehabilitation Claims is from March 22, 2019, to March 29, 2019. The submission deadline for rehabilitation plan proposal is April 26, 2019.

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