The trustee for the defunct Mt. Gox cryptocurrency exchange has drafted a rehabilitation plan for creditors.

The plan volition see claims for fiat currencies, Bitcoin (BTC), and Bitcoin Cash (BCH) honored in their requested grade, while all other crypto assets "will exist liquidated into cash to the extent possible."

Mt. Gox trustee to liquidate all crypto excluding BTC and BCH

Funds volition be allocated toward the rehabilitation proceedings kickoff, with creditors receiving funds thereafter.

Priority payments will exist made to secure the interests of fiat currency claims, followed by small sum payments of up to approximately $i,800, and then prorated payments.

The draft plan asserts that the trustee "may, with the permission of the courtroom, sell all of office of the BTC/BCH constituting the debtor'southward assets" to ensure that "a sufficient amount of cash" is secured.

Claims requesting BTC or BCH may receive partial payout in cash

The trustee, chaser Nobuaki Kobayashi, states that it has chosen "not to purchase additional BTC/BCH."

As such, it notes that "information technology is possible that at that place will exist an bereft amount of BTC/BCH equally the source for distribution." In such cases, claims requesting cryptocurrencies volition receive a partial payment in fiat currency.

It is estimated that 24,000 creditors have been impacted past the substitution'due south 2022 hack and subsequent collapse in 2022. The exchange's failure resulted in the loss of 850,000 BTC.

On March 24, the trustee launched an online portal through which creditors tin can view documents distributed during the creditors' meeting — then estimated to be worth $460 million.

The trustee has until March 31 to compile the final copy of its rehabilitation program.

Karpeles seeks dismissal of lawsuit alleging common fraud

The onetime CEO of Mt. Gox, Marker Karpeles, is seeking to dismiss a lawsuit against him alleging common fraud.

In a filing submitted to the courtroom on March 16, Karpeles took aim at the terminal remaining plaintiff in what was previously a class-activity suit, Gregory Greene, for changing his claims confronting Karpeles midway through the case.

Light-green has previously voluntarily dismissed two other claims made against the former CEO.