Mt. Gox creditors angling for bitcoin repayments

August 03, 2018
Chris Wheal

A number of creditors of defunct cryptocurrency exchange Mt. Gox are preparing a claim for bitcoin repayments following a court decision in June to halt bankruptcy proceedings.

Header from the legal document

Dated 1 August, the Mt. Gox creditors have revised their policy for a rehabilitation plan following an initial policy on 29 June, filed one week after the court approved their civil rehabilitation plan.

Plan update

In this week’s update, the lawyers for the creditors said that any holdings in bitcoin and bitcoin cash should be sent to exchanges where creditors have accounts – or can easily open accounts.

“We are of the opinion that most of the assets, including approximately 166,000 BTC and 168,000 of BCH and other derivatives currently held by Mt. Gox, should be paid to creditors at the time of the first payment,” the update asserts.

Based on latest market prices, the assets would be worth around $1.3bn and a first payment to creditors would be expected in May 2019 if the rehabilitation plan was approved.

Comment sought

The revised proposal invited comments from anyone concerned in the case before a final rehabilitation plan could be drafted.

Mt. Gox was the world’s biggest bitcoin exchange by trading volume before it filed for bankruptcy in 2014 following the theft of around 750,000 bitcoins.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

Related News

OL DEX is closing all activities April 25, 2020
USDT (ERC-20) Gateway Enabled April 17, 2020