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.

Read this next

Retail FX

Lion launches multi-currency trading accounts powered by AI

The core advantages of multi-currency trading account services include enabling significant cost savings and higher efficiency for investors.

Inside View, Interviews

Interview: Stanislav Bunimovich on Finalto’s white label solution

To explore what makes Finalto’s white-label solutions stand out in such an incredibly competitive market, Finalto sat down with its Chief Operating Officer, Stanislav Bunimovich, for an interview. 

Digital Assets

Talos acquired Cloudwall for a better portfolio management system

Cloudwall’s additional expertise in portfolio risk systems further positions Talos at the forefront of portfolio management systems across spot, futures, perps, and options.

Digital Assets

Bybit’s Bitcoin market share explodes, up by 400%

“This milestone is a testament to our sharp trading products and the loyalty of our users. As the industry evolves, Bybit remains at the forefront, ready to set new standards in the crypto trading world.”

Crypto Insider

Why Self-Custody is the Key to Secure Crypto Trading

Crypto trading is fast gaining popularity; as of writing, the total market capitalization stands at $2.3 trillion, double what it was at the onset of the 2021 bull market.

Industry News

UK FCA sues Lee Steven Maggs for FX scam Kube Trading

‘Kube Trading’ allegedly received around £2.67 million for FX trading and concealed significant losses from investors.

Market News

AUD/USD Soars Following Inflation Report

Australia’s CPI surge hints at prolonged tight monetary policy. Watch the Aussie dollar as US economic data looms.

Institutional FX

GCEX reports drop in turnover in 2023 due to crypto winter

“The crypto winter had a huge impact across the industry, and GCEX was no exception. However, in response to the decline in revenue, we have been resilient and adaptive, navigating our costs effectively and diversifying revenue streams such as introducing staking services for institutional and professional clients.”

Institutional FX

FxGrow taps Integral’s SaaS brokerage workflow

“FxGrow’s decision to partner with us is indicative of the growing advantage for brokers to leverage tier-one institutional-grade technology while maintaining control over their own platform. Integral is well-positioned to provide the SaaS solutions that will enable these businesses to better compete in the market.”

<