• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Court Dismisses Coinlab’s MT Gox Claim

05/10/2019 12:38
1 comment

The Japanese court has largely dismissed a claim by Peter Vessenes‘ company Coinlab for $16 billion, awarding instead just about $4 million.

The MT Gox trustee said in an update at the creditors meeting held on Tuesday:

“On August 30, 2019, the Court issued its decision on the petition for claim assessment filed by CoinLab, Inc., under which JPY 384,857,605 and delay damages thereon were approved.”

It’s not clear whether this now settles the matter as the trustee said “CoinLab, Inc. could file an appeal against the assessment,” with it unclear how long they have to file such potential appeal.

There’s moreover a claim by Tibanne Co, the former parent company of MT Gox owned by Mark Karpeles, its then CEO.

Tibanne has entered its own bankruptcy, and their trustee is apparently pursuing a claim for 82,500 bitcoins.

Because Tibanne has filed an appeal against the court’s decision to side with the MT Gox trustee, and because Coinlab could potentially do the same, any redistribution is likely to take some time depending on how long the appeal court takes.

That’s as MT Gox’s trustee said the “existence of a large amount of the claims is undetermined, which makes it difficult to prepare a Draft Rehabilitation Plan.”

That is, no redistribution yet, with complex bankruptcy cases like MT Gox usually taking about six years.

Five have gone already, so it may not be long now until the assets are returned to bitcoiners for the first time since February 2014 when the MT Gox website went off-line.

There are thousands such creditors who in combination are to receive a total of about $600 million in dollars, and 141,686 bitcoin as well as about the same amount of BCH.

That’s a total of about $2 billion, so a 4x gain since 2014 when the entire claim of assets was half a billion for one million bitcoins.

That’s based on around 20%-25% of some one million bitcoins with 800,000 million BTC lost. Giving creditors around 25 cent per dollar, which still puts them in significant profit because bitcoin’s price has risen by quite a bit.

The distribution of these bitcoins is likely to be in bitcoin perhaps through Kraken with it unclear when this will happen, but it should be soon after the appeal court’s decision.

Copyrights Trustnodes.com

Related Posts

Lido Staking Share, June 2022

Lido Votes Against Limiting Staking

Defi dapps DNS hijacked, June 2022

Defi Dapps DNS Attacked

Eminem Apes

Cristiano Ronaldo Binances

Load More
  • Trending
  • Comments
  • Latest
Grayscale's Bitcoin Trust price, June 2022

Grayscale’s Bitcoin Price Falls to $12,000

Ethereum longs, June 2022

Ethereum Longs Spike

Bitcoin and other asset prices, June 2022

Bitcoin Drops Below $20,000

The world's three richest men sold billions at the top

How the Rich Crashed the World

Lido Staking Share, June 2022

Lido Votes Against Limiting Staking

Defi dapps DNS hijacked, June 2022

Defi Dapps DNS Attacked

Eminem Ape

Eminem Apes

Cristiano Ronaldo partners with Binance on NFTs

Cristiano Ronaldo Binances

Comments

Latest News

  • Lido Votes Against Limiting Staking
  • Defi Dapps DNS Attacked
  • Eminem Apes

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?