Mt Gox Creditors Asked to Approve a Settlement Proposal Drafted by Coinlab

On January 15, the public was made aware of a deal between Coinlab Inc., Mt Gox’s liquidator Nobuaki Kobayashi, and MGIFLP, a subsidiary of Fortress Investment Group. According to the proposal, Mt Gox’s creditors can claim up to 90% of the bitcoin held by Kobayashi and the Tokyo court. Despite recent reports, creditors are yet to approve the company’s proposal.

Coinlab is making a proposal to Mt Gox creditors

Last week, Mt Gox creditors were informed that there is a new online system for their claims. Essentially, Mt Gox’s creditors are a group of ex-Exchange clients who want to receive some of the funds lost during the breach seven years ago. Mt Gox was a bitcoin trading exchange and at the height of 2013 it was estimated that the platform handles 70% of all BTC transactions.

Mt Gox was hacked for 850,000 BTC and the exchange closed its doors in February 2014, filing for bankruptcy. After the bankruptcy, 200,000 BTC were found, and for seven years creditors have been trying to assert their claim to stolen BTC.


Story to follow

– Matt Leising (@mattleising) January 15, 2021

A number of creditors, experts and even the founders of the Mt Gox Exchange have reported in recent years that Coinlab Inc., owned by Peter Vessenes, has delayed the settlement process. This is due to the fact that Coinlab has a lawsuit against Mt Gox and former CEO Mark Karpeles. In 2019, after a delay from Mt Gox’s trustee, Bitcoin security specialist Wizsec released a scathing criticism of the $ 16 billion Coinlab claim, claiming it was “the elephant in the room causing the delay” .

Now it appears that Coinlab is looking to strike a deal with Mt Gox creditors as long as they vote to agree on what the company has offered. Bloomberg employee Matt Leising reported Friday that Coinlab had reached an agreement with MGIFLP and Mt Gox’s bankruptcy administrator Nobuaki Kobayashi.

People on social media do not prefer the story

The deal allows creditors to receive 90% of the BTC that remains under Kobayashi and the oversight of the Tokyo court. Leising’s report states that creditors must approve the deal and can also wait for the lawsuit to be resolved. Leising is also the Bloomberg reporter who wrote about a so-called Satoshi claimant named “Duality”.

Leising also discussed the story on Friday afternoon, and a number of people on Twitter replied to his tweets. Eric Wall, CIO of Arcane Assets, wrote “Funny Joke Matt,” and a number of people also spoke about the deal on Reddit.

There were a number of people on the Mt Gox Insolvency Discussion Sub on Reddit who were upset about Coinlab’s deal. One person who discussed the topic on the bankruptcy subreddit said Coinlab would receive 10% of the remaining cut, while another person called Leising’s tweet “false news.”

What do you think of the deal that Coinlab set out in Leising’s latest report? Let us know what you think on this matter in the comments section below.

Tags in this story

Bloomberg, BTC, Claimant, CoinLab, Coinlab Claim, Creditor, Deal, Fortress, Matt Leising, MGIFLP, Mt. Gox, Mt. Gox Bitcoin Stash, Mt. Gox Bitcoins, Mt. Gox BTC, New Online System, Nobuaki Kobayashi , Peter Vessenes, proposal

Photo credit: Shutterstock, Pixabay, Wiki Commons, Twitter,

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