Mt. Gox civil rehabilitation proceedings: Lawsuit against Mizuho Bank to be withheld?

According to a recent report, Mizuho Bank, a Japanese Corporate Bank along with Joseph Lack, a customer of Mt. Gox has requested the California Central District Court to withhold the case charged against the financial institution.

Joseph Lack, one of the victims of the Mt. Gox case had reportedly deposited $40,000 into the Mizuho’s bank account. The bank successfully accepted the deposit transaction and also charged him a transaction fee. The exchange platforms website went offline resulting in Joseph losing all his money which supposedly had to go into his Mt. Gox account.

Accordingly, Joseph filed a case against Mark Karpeles, the former CEO of Mt. Gox and Mizuho Bank and stated that it was Mizuho responsibility to report the information to him and their other customers. Joseph also accused Mizuho of deliberately deceiving him by hiding the fact that the bank was no longer accepting withdrawal requests.

The report stated that the civil rehabilitation proceedings which was filed in Japan was very significant to the claims established in the US case. The appointed rehabilitation trustee stated that Mt. Gox had adequate assets to pay back all its users who either lost money or Bitcoin during the breakdown of Mt. Gox.

According to the post, Mt.Gox recently sold a sum of its Bitcoins, which left the estate with cash assets over $617 million and remaining of 143,000 in Bitcoin. The documents released by the rehabilitation trustee stated that the rehabilitation claims would close on 22nd October. These claims were said to be approved by 24th January 2019. Both the parties involved in the case recommended that the charges filed against Mizuho should be withheld until 28th February 2019.

The District Court of Tokyo had instructed Mt. Gox trustee to provide the civil rehabilitation plan to the court in the month of February 2019.

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