The Mt Gox trustee, Nobuaki Kobayashi on Tuesday released all the documents detailing the measures taken to safeguard the interest of creditors, specifically through the sale of large amounts of cryptocurrencies for fiat money.
The trustee had liquidated another batch of $230 million worth of Bitcoin and Bitcoin Cash. The sales were made during the period between March 2018 and commencement of Civil Rehabilitation Proceedings, and secured a certain amount of funds for the bankruptcy estate.
The trustee had offloaded 24,658 Bitcoin and 25,331 Bitcoin Cash, generating a total of 25.9 billion yen, or 230.1 million dollars. Prior to the sale, the total filed claims from creditors of the bankrupt exchange totalled 73.3 million yen. The document adds that:
“a suitable amount of money to secure the interests [of] BTC creditors under the bankruptcy Proceedings in connection with BTC claims to be treated as non-monetary claims under the Civil Rehabilitation Proceedings.”
The trust which is entrusted to handle all the bankruptcy proceedings through the sale of recovered cryptocurrencies was set up between Kobayashi and the Sumitomo Mitsui Banking Corporation, a major Japanese bank. At the time of establishment, it held 15.8 billion Yen.
Mt Gox was world largest cryptocurrency exchange until 2014, when it reported hundreds of million dollar worth cryptocurrencies stolen from its systems. After the process gets wind up, it is estimated that BTC worth $1 billion could be re-absorbed into the system. The repayment process began in June 2018, when Tokyo District Court officially ended the bankruptcy proceedings of the Bitcoin exchange and moved it into civil rehabilitation.