Mt. Gox Legal, a group of around 1,000 creditors of collapsed crypto exchange Mt. Gox, has prepared a draft proposal representing its consensus on how the exchange's remaining assets should be paid out, according to a document obtained by CoinDesk.
Mt. Gox trustee, Nobuaki Kobayashi, released new details this week on the amounts of secured cryptocurrency and fiat currency it has approved for payouts to the estate's many creditors as part of the civil rehabilitation process.
The estate is also attempting to retrieve money believed to be owed to Mt. Gox by other parties, including former CEO Mark Karpeles and Mt. Gox majority owner Tibanne Co. The trustee's document indicates that it has approved claims for 802,521 BTC, 792,296 BCH, $38,165,664 in U.S. dollars, and other amounts in various fiat currencies.
There is not enough secured cryptocurrency still in the Gox coffers to cover approved claims for BTC and BCH; neither is there enough fiat currency to cover the cryptocurrency pro rata in cash at current valuations.
Mt. Gox Legal's plan- which the group stresses is not a formal rehabilitation plan as set out in Japanese law - also looks at the issue of distributing coins that have been split off from bitcoin since the collapse, with bitcoin gold being one example.
Obviously tired of waiting for their funds since the exchange collapsed in February 2014, Mt. Gox Legal also called for rehabilitation to be carried out in a timely fashion.
In the draft proposal drawn up by Mt. Gox Legal goes on to list other items set out how the member creditors would wish to see Kobayashi move forward.
Mt. Gox Legal also said it anticipates that after distribution of the cash claims there will be a mix of cash and cryptocurrencies remaining.
The trustee should also not undertake further sales or purchases of bitcoin or bitcoin cash as part of the civil rehabilitation plan, as has happened in the past.
Mt. Gox Legal intends to present the plan to the trustee on March 22.
Mt Gox Creditors Warn Mass Sale Could Put Bitcoin Fork Prices At Risk
Published on Mar 22, 2019
by Coindesk | Published on Coinage
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