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Comment by llamataboot | Hacker News Reader

Still waiting for the 50 or so BTC I had in MtGox when it disappeared. Think I should get what they were worth then, or what they are worth now :D

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Would you prefer 100% of what it was worth then or 23% of what it's worth now?

Why 23%? Seems arbitrary. Is that the amount in BTC that is expected to be paid out to creditors?

Yes.

That is not at all my understanding of what the draft rehabilitation plan says. There are fiat assets and fiat claims and other complicated factors. The payout would depend on the BTC/BCH-to-yen conversion rate at the time that the distribution begins, and the total claims that make it through all the way to the end. Based on one creditor's read of the plan, along with the current exchange rates and such, the current expected payout is closer to 0.16 BTC per 1 BTC held, some of which is paid back in Japanese yen and some as BTC/BCH [https://old.reddit.com/r/mtgoxinsolvency/comments/l08ymh/mt_...].

It is much more complicated than that because part of the BTC will be paid from yen fund and part from BTC fund. And there are both fiat claims and cryptocurrency claims.

The draft document has been made available to creditors but it says not to share with the public. But it does say that BTC and BCH claims will be valued at the BTC/BCH-to-yen conversion rate as of the time of commencement of rehabilitation proceedings (749,318.83 yen/BTC). And the payout will be less than that because the remaining assets will be distributed to creditors in a prorated system (although certain small fiat claims and possibly other claims may have higher priority).

There is definitely not a specific amount of BTC currently that would be paid to creditors per BTC that they held, since it depends on the final total claims (which is mostly finalized but may still change a bit), and presumably on the value of the remaining BTC/BCH assets held by the trustee at the time of distribution.

One creditor made a calculator to compute the payout based on the current exchange rates and such: https://old.reddit.com/r/mtgoxinsolvency/comments/l08ymh/mt_...

Of course everyone would want the greater of the two. But the claims need to be balanced because some users held cryptocurrency assets while others held dollar assets, and there aren't sufficient assets to return either one. The rehabilitation trustee has already come up with a plan that balances the demands of the various stakeholders, and most people are happy with it. There are many reasons why the assets haven't been distributed yet, but one big reason is because CoinLab keeps parroting their ridiculous claims; obviously CoinLab's lawsuit will be thrown out eventually (because their claims are absurd), but it's part of the reason the distribution keeps getting delayed and likely won't happen until, say, 2022-2023.

Only in January 2021 did CoinLab finally say, okay, we will agree that the distribution of 90% of the assets can start while our lawsuit continues (they are ridiculously demanding that CoinLab get some big portion of the other 10%, so they want that money held up until their absurd lawsuit is finally thrown out). See https://www.bloomberg.com/news/articles/2021-01-15/coinlab-r...

Same. I remember receiving letters in Japanese at the time of the bankruptcy. I put them on my refrigerator for guests to see because I thought they were amusing. Now it's just depressing to think about.

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