Mt. Gox starts first chapter of its Civil Rehabilitation proceedings

Mt. Gox, the infamous Bitcoin exchange platform, is back in the spotlight after new reports pertaining to its civil rehabilitation proceedings emerged. On 20 March, 2019, the Tokyo District Court released a report on the current status and progress made in the rehabilitation proceedings. The main highlight of the report was the approval or disapproval of exchange-related and non-exchange-related rehabilitation claims.

The report began by giving a summary of the total tokens and fiat held by the exchange. Based on this, the exchange held a total of 141686.35371099 BTC, as of 18 March, 2019, valued at over $573 million, at press time. The Bitcoin Cash under the exchange’s control amounted to 42846.35166254 BCH, which was valued at over $6 million, at press time.

The report also stated that Mt. Gox’s rehabilitation trustee, Nobuaki Kobayashi, was looking into whether the ‘Rehabilitation Debtor’ still had any Bitcoin. And, if new Bitcoins were discovered in control of the Debtor, then the coins would be transferred to the addresses presently controlled by the rehabilitation trustee.

Further, it claimed that the trustee filed the ‘Statement of Approval or Disapproval of Rehabilitation Claims’ for non-exchange-related claims on 24 January, 2019, and for exchange-related claims on 15 March, 2019.

It added that the ‘ordinary period of investigating’ non-exchange-related claims were from 31 January, 2019 to 7 February, 2019, and the petition for claim assessment on the same was between 8 February, 2019 and 7 March, 2019, indicating that these processes were completed for non-exchange-related claims.

The claims made by TIBANNE were noted to be amounting to 82,507.7337283 BTC, and BCH [BTC approx. $332 million] worth 386,068,174 in Japanese Yen, and unliquidated amount. The claims made by CoinLab amounted to JPY 1,690,067,284,938 [approx. $16 billion].

On the contrary, the ‘ordinary period of investigating’ for exchange-related claims was 22 March, 2019 to 29 March, 2019, and the petition for claim assessment was 30 March, 2019 to 7 May, 2019.

Apart from this, there have been discussions related to the Mt. Gox Civil Rehabilitation proceeding on Reddit. Redditor, Godeatgodworld stated that the claims made by him were approved by the Trustee. His post read,

Another Redditor, Flaynas, claimed that the Mt. Gox trustee suggested selling Bitcoin, as its value witnessed a significant drop. The post read,