MtGox’s trustee reports JPY 155m drop in account balance

Nobuaki Kobayashi, the rehabilitation trustee appointed at ill-fated Bitcoin exchange MtGox, has earlier today published the documents distributed at the third creditor’s meeting held under the Civil Rehabilitation Proceedings. The meeting was held on October 1, 2019.

The documents include information on the status of cash and deposits held by the Rehabilitation Debtor. The account balance that the Rehabilitation Trustee has secured as of September 24, 2019 is JPY 69,397,600,922, which is about JPY 155,000,000 lower than the balance of JPY 69,553,086,521 reported at the 2nd creditors’ meeting under the Civil Rehabilitation Proceedings that took place on March 20, 2019.

However, among the account balance that has been secured, the Rehabilitation Trustee has established the trust as the measure to secure the interests of bankruptcy creditors and entrusted the amount of JPY 15,894,665,473 (including an amount expected to be appropriated for various expenses of the trust) in the trust.

The amount of BTC held by MtGox as of September 30, 2019 is 141,686.35446516BTC. The Rehabilitation Trustee is still investigating the existence of additional BTC held by the Rehabilitation Debtor (that is, MtGox). If any BTC is found, the Rehabilitation Trustee says he will move them to the address managed. Also, the amount of BCH held by the Rehabilitation Debtor as of September 30, 2019 is 142,846.35166254 BCH.

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

The deadline for the submission of the draft rehabilitation plan is set to October 28, 2019 but the Trustee warns that a large amount of the claims have not yet been determined, thereby making it difficult to prepare a Draft Rehabilitation Plan. Accordingly, the timeline is expected to change.

The next creditors’ meeting will be held on March 25, 2020.