The Usual Suspects: Full List of Non-Depositor Claimants Leaked

Much has been discussed regarding MtGox creditors who lost funds held on deposit. This is old news — the MtGox customer database was leaked online back in 2014.  But precious little has been known about creditors who were not depositors. Until now.

Behold, a comprehensive list of all five MtGox claimants who did not have money on deposit at MtGox (the imgur version is a bit clearer).


It’s in Japanese. Who do you think I am, Satoshi Nakamoto?

You’ve probably deduced that the two wide columns on the left show creditors and their addresses.  There are five creditors total: three lesser-known names plus CoinLab and Tibanne.

The three narrow columns on the right listing numbers deserve some explanation for our non-Kanji readers.  The left-hand column shows the amount claimed by the creditor, the middle column shows the amount of that claim denied, and the right-hand column shows the creditor’s approved claim total.  All sums are in Japanese Yen.

The three lesser-known creditors had their claims mostly approved by the trustee, totaling under ¥3,000,000 JPY (roughly $27,000 USD).  These creditors appear to be contractors who performed work for MtGox but were never paid.  Fair enough to presume the trustee looked into it.  Besides, the sum is pretty small.

That leaves us to consider the two remaining creditors who each had massive claims rejected: Tibanne and CoinLab.  Both claims are in litigation at Tokyo District Court.

Note: the addresses on the document also appear accurate.  Google maps Street View gives a pretty clear image of the CoinLab logo at the address listed. So by all means drop by and let Peter know how you feel.  Don’t forget to pick up a couple cartons of eggs on the way over.


Should I be worried about Tibanne’s claim?

Not too much.  The claim is large, but less than half the size of CoinLab’s.  But more importantly, even if Tibanne’s claim is accepted it seems highly unlikely that it will dilute the return to MtGox depositors by much.

Tibanne’s trustee did indeed file a large claim at MtGox, but MtGox’s trustee also filed a large claim at Tibanne.  (Note that Tibanne and MtGox are separate estates with different trustees, with each trustee responsible for the creditors it represents).   Our sources tell us MtGox’s claim in the Tibanne estate represents over 95% of the total assets claimed.  Tibanne has no assets (unless you place a high value on MtGox’s code) making this a fight over the 202,000 bitcoins left in MtGox’s estate.

How might this dispute between Tibanne and MtGox’s trustees play out?

It looks like Tibanne and MtGox have claims that more or less cancel each other out.  They might feasibly arrive at a settlement somewhere in between.  Worst case scenario would be Tibanne having its entire claim approved while MtGox’s is rejected and creditors get diluted roughly five percent.

The worst case scenario seems unlikely. It seems more likely that, at worst, the two claims will cancel each other out to some degree.  Sounds like the trustees need a night or two on the town to bond over some Hibiki 21 year at a Ginza hostess bar (at creditor expense of course) and the matter should sort itself out.

How does this affect the delay in payout?

MtGox has all the valuable assets, which means Tibanne’s bankruptcy can’t be completed until MtGox’s bankrupcy is settled.  We have to wait on MtGox to finish claims assessments.

What else are we waiting on?

Aside from CoinLab’s cumulative ~$175M in claims, the trustee’s most recent report from September 28, 2016 (see English version page 2 (pdf page 9), sec. II, no. 2) states:

“In addition, to date, 137 petitions for assessment, the total amount of which is 2,220,868,159 yen (principal amount), have been filed; please note, however, that these figures include petitions that were improperly filed.”

Improperly filed, heh.  As in the guy who misplaced a decimal on his claims form and claimed a loss of over two trillion JPY worth of bitcoin.

Wait, did Crooked Peter actually tell the truth about something?

Peter wasn’t lying in his deleted Reddit post when he said “there are over 100 assessments pending”.  But it wasn’t honest for Peter to imply that these other claims are the reason for the delay. And it’s certainly not true that”anything else you’re hearing is just gossip or a smear”.

The other claims being assessed amount to roughly ~$22M USD, less than one-third of the ~$75M USD CoinLab has claimed in the MtGox estate (and less than one-eighth of the $175M USD CoinLab has claimed in Tibanne and MtGox combined).

So yeah, Peter, there are indeed over a hundred claims to be resolved. Perhaps you hadn’t noticed, but there is one claim that dwarfs all others combined.  Did you know that assessing that single claim requires unending litigation at Tokyo District Court?  Do you think its reasonable for the trustee to prioritize resolving that giant claim first?  Do you think its possible that your frivolous lawsuit is diverting resources and attention from resolving other claims? 

Stay tuned folks, our next installment will feature a batch of Crooked Peter’s emails.

Help us keep the lights on: 13mJiMpCBr7qKQJNecJuLEmKvFbNWb7Kai



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