Mt. Gox Trustee Kobayashi Finished Processing The Creditors’ Rehab Claims

The trustee of the defunct BTC Exchange Mt.Gox Nobuaki Kobayashi, officially announced that he has finished processing the rehabilitation claims of the exchange’s creditors and that they will be notified in a couple of days. We are reading more about the announcement in our latest digital currency news.

As previously reported, more than 24,000 creditors have been affected after the 2011 Mt.Gox hack attack which led to the collapse of the exchange in early 2014. According to the announcement, the shutdown of the exchange resulted in losing more than 850,000 BTC which were valued at that time roughly $460 million.

The attorney from Tokyo, Kobayashi, was first appointed as a civil rehabilitation trustee to manage the bankruptcy funds of the exchange and notified the public:

 “On March 15, 2019, the Rehabilitation Trustee approved or disapproved rehabilitation claims regarding MTGOX Bitcoin exchange users’ rights to make claims against MTGOX for the return of cryptocurrency and/or cash […] and submitted to the Tokyo District Court a statement of approval or disapproval.”

There still hasn’t been an exact date set up for the prospective reimbursement but the announcement makes clear that procedural details regarding how creditors can check on their claims will be available for the creditors to get a hold of. Kobayashi has published a statement previously in 2018 where it says that he had liquidated more than 26 billion yen which is about $230 million in BTC and Bitcoin Cash for about four months starting from March 2018.

The liquidations that were run by Kobayashi brought him a new nickname ‘’ Tokyo’s Bitcoin Whale’’ for allegedly having an adverse effect on the market which stopped when the civil rehabilitation proceedings started in June last year.

At the start of this month, the ex-CEO of Mt. Gox Mark Karpeles got suspended but also sentenced for two and a half years in prison after he was found guilty of tampering financial data. Karpeles was found guilty for mixing his personal files with the ones of the exchange but he was also later acquitted of embezzlement charges and will not serve the sentence unless he commits another crime in the next four years.