The Tokyo District Court has issued an order of the commencement of civil rehabilitation proceedings for Mt. Gox. As a result, the previously ongoing bankruptcy proceedings have been worked upon. Simultaneously with the order of the commencement of civil rehabilitation proceedings, an administration order was issued by the Tokyo District Court, today!
Mt. Gox Creditors blog account announced saying:
“Today, on June 22, 2018, the Tokyo District Court ordered commencement of civil rehabilitation proceedings regarding Mt. Gox. Accordingly, enormous assets, which were to be distributed to Mt. Gox’s shareholders under the bankruptcy proceedings, will be returned to creditors of Mt.Gox in civil rehabilitation proceedings. This is the creditors’ victory. “
Mt. Gox exchange was hacked for more than $473 million in 2014, and the theft remained the largest in the industry’s history until the Coincheck hack in January 2018. The robbery left Mt. Gox wiped out, and it was constrained into criminal bankruptcy in Japan, where it was headquartered.
After this, the court has approved the petition, and creditors will be refunded directly in cryptocurrency, though the exact specifics of their compensation will depend on the rehabilitation plan established during subsequent legal proceedings.
Creditors have to file proof of claim forms by October 22nd, 2018. This applies to all creditors, even those who previously filed claims during the criminal bankruptcy proceedings.
The next milestone for the creditors of Mt. Gox is the 11th meeting which will be held on 26th September 2018 in Tokyo.
Wallets with the Mt. Gox at present hold 137,891 BTC — worth more than $878 million at the time of composing. As well as the airdropped coins from forks, for example, BCH and BTG.
The trustees of Mt. Gox have stated that there are no plans to offer any more support or funds.
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