Cumberland Mining offers to convert bitcoin held by Mt. Gox to cash

Cumberland Mining, one of the largest crypto miners, a business of large proprietary trading firm DRW announced today an offer to convert all of the 202k BTC held in the Mt. Gox bankruptcy process to USD or JPY.

The cryptocurrency miner re-affirmed its track record of providing liquidity for large bitcoin trades, including several government auctions. Cumberland is one of the world’s largest OTC bitcoin trading desks and is in a unique position to help.

The infamous Japanese bitcoin exchange Mt. Gox recently become solvent due to the appreciation in bitcoin prices. The latest report from the bankruptcy trustee back in March revealed that most claims are still unpaid as of today. The balance of BTC managed by the Mt. Gox estate as of March 5, 2017, stood at 202,185.36428254 BTC. Coins from Mt. Gox were to be moved to a wallet address managed by bankruptcy attorney Mr. Nobuaki Kobayashi.

Mike Komaransky of Cumberland Mining stated in a Twitter message to Mt. Gox confirming this saying, “Now that you’re solvent again, can help convert your 202k bitcoin to fiat.”

The latest notice from Mr. Kobayashi came in late May:

To all creditors,

On May 25, 2016, the date of the investigation of claims, I made determination as to accept or reject the claims filed by the Users of Exchange.

I uploaded the results of the acceptance or rejection to the following Online Method System. The creditors who filed claims through Online Method System can browse the statement of acceptance or rejection which sets forth the contents of filings and the details of acceptances or rejections therefore, with respect to all the claims filed by the Users of Exchange, by logging into the System and clicking the link to the PDF file of the “List of Acceptance or Rejection of the Claims” (however, they will be partially masked). Please look for your creditor’s number (the number assigned to you when you filed your claims) and your name, and confirm the results of the acceptance or rejection of your filed claims.

If all or a part of the amounts that you filed were rejected, the reason for such rejection is that such amount does not exist.

The creditors whose filed claim was rejected may take the claim assessment process within one month from the date of investigation of claims pursuant to the Japanese Bankruptcy Law.

For those creditors who filed by Offline Method, I plan to inform the results of the acceptance or rejection of the claims by sending emails.

Bankrupt Entity: MtGox Co., Ltd.
Bankruptcy Trustee: Nobuaki Kobayashi, Attorney-at-law


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