MtGox's trustee adds JPY 42.96 billion to account balance of bankruptcy estate - FinanceFeeds

MtGox’s trustee adds JPY 42.96 billion to account balance of bankruptcy estate

The balance in the account that the trustee has secured as of March 6, 2018, is JPY 44.17 billion, i.e., an increase of approximately JPY 42.96 billion from the time of the 9th creditors’ meeting.

Nobuaki Kobayashi, the bankruptcy trustee of ill-fated Bitcoin exchange MtGox Co., Ltd., has earlier today published an update with regard to his work on the case. The documents were distributed at the tenth creditors’ meeting.

The trustee says that the balance in the account that he has secured as of March 6, 2018, is JPY 44,170,278,921, i.e., an increase of approximately JPY 42,956,000,000 from the time of the 9th creditors’ meeting.

The amount of BTC managed by the bankruptcy estate as of March 5, 2018, is 166,344.35827254 BTC. Currently, the trustee is still investigating the existence of additional BTC held by the bankrupt entity. If any BTC is found, he plans to move them to the address which he manages, and he will keep such BTC there.

The amount of BCC managed by the bankruptcy estate as of March 5, 2018, is 168,177.35927254 BCC. The trustee says that to the best of his knowledge, the cryptocurrencies split from BTC of the bankruptcy estate belong to the bankruptcy estate.

The trustee is 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 by delegating such work to Deloitte Touche Tohmatsu LLC (and its affiliates) and ReEx Accounting Firm, with the assistance of Payward, the supporting company.

He also notes that on July 26, 2017, the U.S. Department of Justice announced that Alexander Vinnik, manager of a cryptocurrency exchange, was arrested and indicted for involvement in money laundering of more than $4 billion. The allegations in the indictment include the fact that he obtained funds by hacking MtGox. The trustee has contacted the U.S. Department of Justice through a U.S. law firm and have made a request for more information.

Any distribution still looms uncertain. According to the trustee, the detailed schedule of the distribution in the bankruptcy proceedings will inevitably be affected, among others, by the possibility of the commencement of civil rehabilitation proceeding and 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.

The trustee is still considering whether, in the case where a distribution is possible, a distribution should be made in BTC.

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