Mt. Gox Announces Commencement of Bankruptcy Proceedings

Mt. Gox has announced the commencement of bankruptcy proceedings in Japan, with attorney Nobuaki Kobayashi appointed as bankruptcy trustee.

AccessTimeIconApr 24, 2014 at 11:19 a.m. UTC
Updated Sep 11, 2021 at 10:42 a.m. UTC

Mt. Gox has announced the commencement of bankruptcy proceedings in Japan. Attorney at law Nobuaki Kobayashi has been appointed as the bankruptcy trustee.

The troubled bitcoin exchange filed for liquidation in a Tokyo court earlier this month, dropping its plans for civil rehabilitation. There was still some hope that outside investors could muscle in and save the exchange from liquidation, but the deal never materialised.

Impact on customers still unclear

Bankruptcy trustee Kobayashi issued a brief statement on Thursday, stating that he has the exclusive power to administer and dispose of Mt. Gox assets. He declared in a statement:

“The bankruptcy trustee will implement the bankruptcy proceedings, such as the administration and realization of the Company’s assets and the investigation of the claims. We kindly ask for your understanding and cooperation.”

Kobayashi expects a lot of inquires from interested parties, so in the interest of sharing as much information as possible his team compiled a document that will answer a wide range frequently asked questions.

In addition, a call centre has been set up and it can be contacted by telephone, but for the time being the scope of the responses will be limited.

Additional information coming soon

The five-page document answers some questions, but many more remain unanswered. The document stresses that the number of interested parties is “extremely large” and asks clients to refrain from calling the trustee directly.

A creditor meeting is being organised and it is scheduled for 23rd July. Creditors are not obliged to attend, as it would be impractical in many cases. Instead, the bankruptcy trustee is planning to publish the content of the meeting on Mt. Gox's website.

The process of filing proofs of claims will be disclosed through the Company’s website at a later date.

This is a developing story, so please stay tuned for updates.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.