Crypto As Commodity, And The Bankruptcy Implications

By Joanne Lee Molinaro and Susan Poll Klaessy (October 17, 2018, 1:22 PM EDT) -- On Aug. 23, 2018, Nobuaki Kobayashi, the trustee over the estate of the troubled Mt. Gox — the hacked Japanese cryptocurrency exchange — opened an online claims submission process that would allow creditors to recoup their losses. On Sept. 22, 2018, the trustee made the same online claims process available to corporate creditors, and on Oct. 3, 2018, the trustee opened the process for transferees (claims purchasers). This follows the Tokyo District Court's June 22, 2018, order suspending Mt. Gox's bankruptcy proceeding and commencing civil rehabilitation proceedings. With the June 22 shift to a civil rehabilitation proceeding, the Mt. Gox trustee has the ability to make distributions in bitcoin and BCH (bitcoin cash), in lieu of paying the claims' value in fiat currency — a huge victory for creditors, if the trustee confirms (and the Tokyo District Court approves) his plan to do so....

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