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Gox Legal, a group of approximately 1,000 crypto exchange creditors collapsed, Mt. Gox has prepared a draft proposal representing his consensus on how the remaining badets of the stock exchange should be paid, according to a document obtained by CoinDesk.
Gob's trustee, Nobuaki Kobayashi, has released this week new details on secured cryptocurrency amounts (in bitcoin and bitcoin) and on the fiduciary currency he has approved for payments to the many creditors of the estate as part of the civil rehabilitation process.
In total, said Kobayashi, the balance of the exchange amounts to 69,553,086,521 Japanese yen ($ 629,594,540) in cash. He also holds 141,686.35 BTC and 142,846.35 BCH, representing a cryptocurrency of more than 593 million dollars.
The trustee continues to hope that more of the funds that would have been hacked onto the platform will also be recovered. The estate is also trying to recover money that seems to be due to Mt. Gox by other parties, including former CEO Mark Karpeles and Mt. Majority Owner Gox Tibanne Co.
The trustee's document states that it has approved claims for 802,521 BTC (valued at $ 3,233,256,565), BCH 792,296 ($ 124,953,000), US $ 38,165,664 in US dollars and other amounts in various currencies.
There is however an obvious problem. There is still not enough secure encrypted money in Gox's vaults to cover the approved receivables for BTC and BCH; nor is fiduciary money sufficient to cover cryptocurrency pro rata in cash at current valuations.
And we do not know yet how Kobayashi will allocate the funds when the payments to the creditors begin. Until now, however, it has set April 26, 2019 as the deadline for submission of a proposal for a rehabilitation plan.
fork
Mt. Gox Legal's plan – which, according to the group, is not an official rehabilitation plan within the meaning of Japanese law – also examines the issue of distribution of split (or forked) coins in Bitcoin. since the collapse, the example of Bitcoin Gold. .
Other currencies mentioned include BitcoinX (BCX), Bitcoin Diamond (BCD), Bitcoin Lightning (LBTC), Bitcoin Private, Super Bitcoin (SBTC), Clams, Bitcoin Interest, Bitcore (BTX) and Bitcoin Atom.
The group believes that the amount of additional cryptocurrency would be too important for any exchange and that it would be extremely complex to manage the private keys of these coins.
The project adds:
"We note that the volume of each of these coins held by the trustee is, in almost all cases, substantially greater than the aggregate volume of daily trading of these currencies. We are therefore concerned that the trustee is trying to sell them en mbade the same day. the free market would cause a downward movement of value and would not be in the interests of creditors either.
As a result, he proposes that the keys be auctioned after the distribution or transfer of BTC and BCH to a secure location.
Kobayashi wrote in his report that "the rehabilitative attorney understands that the separate cryptocurrencies of the rehabilitation debtor's CTB belong to the pardon estate of the pardon and will be a source of distribution for the pardon creditors.
Obviously tired of waiting for their funds since the exchange collapsed in February 2014, Mount. Gox Legal also called for the rehabilitation to be completed quickly.
"We are only able to support a civil rehabilitation plan allowing interim payments at the earliest opportunity," the proposal says.
Among the final recommendations of the project that was recently updated from a version developed last year, the group discusses the possibility that lost funds from the exchange be recovered, in these terms :
"We think it's important that the civil rehabilitation plan [include] a permanent legal entity that can be the legal recipient of the funds discovered after the conclusion of a VC and distribute them equitably among all creditors. "
Wish list
In the draft proposal prepared by Mt. Gox Legal goes on to list other elements that indicate how creditors members would like Kobayashi to move forward.
First, the funds held by Gox's estate in fiat money should be paid at the same rate that would have been the case in case of bankruptcy. "This includes, where appropriate, the inclusion of interest payments," the project says.
Gox Legal also stated that after the distribution of claims in cash, there would remain a mix of cash and cryptocurrency. This should be distributed "in proportion to the claims in bitcoins," he said, while suggesting that creditors have the choice to receive cryptocurrency either in trade accounts or in private portfolios.
The custodian must also not engage in the sale or purchase of bitcoins or silver bitcoins as part of the civil rehabilitation plan, as has been the case in the past. In addition, the shareholders of Karpeles, Jeb McCaleb and Tibanne should not receive any payment in fiat or cryptocurrency or any benefit in kind.
While apologizing for his role in the collapse of the swap, Karpeles previously stated that he did not want any of the Gox funds, adding that "the possibility is an aberration".
Gox Legal intends to present the plan to the trustee on March 22nd.
Image Gox via Shutterstock
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