Another MT Gox Meeting Ends with No Outcome – Trustnodes

Another MT Gox Meeting Ends with No Outcome


Nobuaki Kobayashi

Nearing 7 years on since the then only bitcoin exchange MT Gox declared bankruptcy, the ritual of creditor meetings with no outcomes continues in Tokyo, Japan.

MT Gox creditors have lost another $1.3 million in trustee expenses since March 25th 2020, translating to these delays costing $200,000 a month.

Nor does a conclusion appear to be much near. Apparently some 130,000 BTC and 50 billion JPY, ($500 million) is not yet determined and the Coinlab case still continues.

Some 860,000 BTC and 8.8 billion JPY has however been determined, with the trustee having a deadline of 15th of October to file a rehabilitation plan, but he may ask for yet another delay.

Once they do reach a conclusion some 140,000 BTC worth $1.5 billion and 140,000 BCH worth $34 million is to be distributed to creditors.

How, is not clear but presumably it would be through Kraken with creditors previously asked whether they want to receive their claim in bitcoin or fiat.

If the rehabilitation plan is not filed by October 15th, then another delay should be expected with yet another meeting to probably be held in March when we may learn nothing has changed except the trustee has become richer still.

That’s for arguably doing nothing as it remains quite unclear what rocket science they’ve been engaging in for the past seven years that require still more delays to just send bitcoin from one wallet to another.

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