Case Number
2020 (rehabilitation) No. 1
District
Tokyo District Court, Japan
Type of case
Rehabilitation
Est. Duration
10 years
Est. Assets
$1-$10B
Est. Creditors
10,000 - 30,0000
Est. Liabilities
$10 - $20B
Trade
MTGOX
claims on Xclaim
Current Max Price
90.00
+0.75%
(Last 7 days)
Volume Traded
$211.5M
total claims
View claims
upto
95.00
-0.97%
|
$5.3B
upto
62.13
-1.5%
|
$0.4B
upto
110.00
+2.5%
|
$2.5B
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MtGox, Ltd.
Background
MtGox, Ltd. filed for bankruptcy protection in 2014 when the cryptocurrency exchange filed for bankruptcy protection in Japan after losing approximately 850,000 Bitcoins. At the time, MtGox was the largest exchange of BTC in the world, handling over 70% of transaction volume. By 2018, the case was converted to Civil Rehabilitation, offering creditors the opportunity to receive distributions in Bitcoin rather than Japanese yen, a more favorable outcome as Bitcoin's value had surged since the collapse. The civil rehabilitation plan was filed in 2019 and subsequently approved, though distribution timelines have faced delays. By 2021, the rehabilitation trustee, Nobuaki Kobayashi, had recovered approximately 200,000 Bitcoins, with creditor payouts expected to occur in phases. Creditors were given the option of receiving an "early lump sum repayment" at a reduced rate or "final repayment" at the conclusion of resolving contested claims. As of October 2024, early lump sum repayments have been distributed.
Case Details
Case Development
Historical Pricing
Pricing chart 2023 - 2024
Current Market Pricing
(% of account balances)
Less than $150K
up to 105%
$150K - $1.0M
105 - 119%
$1.0M +
120 - 126%
Alameda
MtGox, Ltd.
Background
MtGox, Ltd. filed for bankruptcy protection in 2014 when the cryptocurrency exchange filed for bankruptcy protection in Japan after losing approximately 850,000 Bitcoins. At the time, MtGox was the largest exchange of BTC in the world, handling over 70% of transaction volume. By 2018, the case was converted to Civil Rehabilitation, offering creditors the opportunity to receive distributions in Bitcoin rather than Japanese yen, a more favorable outcome as Bitcoin's value had surged since the collapse. The civil rehabilitation plan was filed in 2019 and subsequently approved, though distribution timelines have faced delays. By 2021, the rehabilitation trustee, Nobuaki Kobayashi, had recovered approximately 200,000 Bitcoins, with creditor payouts expected to occur in phases. Creditors were given the option of receiving an "early lump sum repayment" at a reduced rate or "final repayment" at the conclusion of resolving contested claims. As of October 2024, early lump sum repayments have been distributed.
Case Details
Case Number
2020 (rehabilitation) No. 1
District
Tokyo District Court, Japan
Type of case
Rehabilitation
Est. Duration
10 years
Est. Assets
$1-$10B
Est. Creditors
10,000 - 30,0000
Est. Liabilities
$10 - $20B
Case Development
Proposed Treatment
The Civil Rehabilitation Plan proposes that creditors may choose between two repayment options: “Early Lump-Sum” repayment (“ELSR)”and “Final” repayment. ELSR was completed in the second quarter of 2024 and most creditors who chose ELSR have received repayment of BTC, BCH, and JPY. ELSR creditors received fiat, plus about 16.5% of the BTC claim in kind, and another 16.5% in BCH.
Final repayment creditors are waiting for final resolution of all disputes, including possible additional recoveries and resolution of the Coinlab litigation. It is currently not clear how long Final repayment creditors will have to wait, although Final repayment creditors did receive an Intermediate repayment, as allowed by the plan, during the ELSR payment period.
Estimated Recovery
Final repayment creditor recovery depends on several factors, including whether the Civil Rehabilitation trustee is successful in recovering additional assets, minimizing costs, and when the claim was filed. Fiat claims are estimated to recover 20-23% (i.e., for every $1,000 claimed the creditor will recover $200-230) and for 1 BTC claim, creditors expect to recover 0.15-0.20 BTC and BCH.
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Debt
Maturity
Rate
Amount ($M)
Note
ABL Facility
April 2022
Floating
99
Blanket lien outside certain UST term loan collateral
Letters of credit
Feb 2023
Floating
11
Blanket lien outside certain UST term loan collateral
Total Secured Debt
110
Trade
Various
Floating
20
1Q24 10Q Reported AP.
Leases, other GUCs
Various
Floating
230
1Q24 10Q Reported liabilities.
Total Unsecured Debt
250
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Low Recovery
Base Recovery
High Recovery
Assumption
Loss on Litigation
Full Recovery
Full Recovery with Interest
Recovery for Unsecured Claims
50%
100%
105-107%
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Debt Type
Name
Amount ($M)
Notes
Unsecured
Institutional lender claims
1,700
173 non-affiliated institution lenders
Unsecured
Institutional lender claims
1,800
Non-affiliated individual lenders
Unsecured
Gemini lender claims
1,122
Secured by interest in GBTC, which were liquidated.
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Claim/Interest
Recovery
BTC creditors
51.28%
ETH creditors
65.87%
Fiat/ Stablecoin creditors
100%
Solana creditors
29.58%
Altcoin creditors (other than Solana)
87.65%
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Category
Description
Estimated Amount
Secured Claims
Institutional lender claims
$1.5 - $2B
Unsecured Claims
GUCs, customer claims, unsecured digital asset loan claims
$8.5 - $10B
Priority IRS Tax Claim
Pre-petition IRS tax liability.
$0.2B
Priority DM Claim
Other claims
$0.256B
Subordinated Claims
Multiple billions in asserted government claims, much of which has been voluntarily subordinated to customer claims.
N/A
Equity Interests
Preferred and equity interest, subject to Preferred Equity Settlement
N/A
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Type
Estimated Recovery
Priority Tax Claims
100%
Secured Loan Claims, Other Secured Claims
100%
Customer Entitlement Claims (Dotcom, U.S.)
129-143%
General Unsecured Claims
129-143%
Convenience Claims
119%
Digital Asset Loan Claims
129-143%
Subordinated Government Claims
0-18%
FTT Claims and Interests
0%
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