MtGox trustee sells bitcoin, bitcoin cash to secure creditor interests

By Caroline Salls

Pittsburgh, Sept. 25 – MtGox Co., Ltd. bankruptcy trustee Nobuaki Kobayashi sold a total of ¥25,975,702,352 in bitcoin and bitcoin cash to secure interests expected to have already been obtained by creditors in the company’s bankruptcy proceedings, according to a Tuesday news release.

The sales were designed to cover the principal amount of interests and delay damages.

As a result of the sale, the balance in the trustee’s account was ¥70,059,000,000 immediately before the establishment of the ¥15,894,530,915 trust.

The trustee also entered into a guarantee entrustment and guarantee agreement with Sumitomo Mitsui Banking Corp. to secure the interests in question.

MtGox is a Tokyo-based online bitcoin exchange operator. The company filed for Chapter 15 bankruptcy on March 9, 2014 in the U.S. Bankruptcy Court for the Northern District of Texas under case number 14-31229.

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