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We didn't request for our claims to be converted to Yen. The Japanese court representative assigned to the bankruptcy determined the Bitcoin had to be assigned
by tinco 9y ago
We didn't request for our claims to be converted to Yen. The Japanese court representative assigned to the bankruptcy determined the Bitcoin had to be assigned a yen value. He proposed a value that seemed reasonable at the time so most creditors agreed.
Almost all creditors I know, including myself, would prefer to claim Bitcoin instead of Yen but it was simply not allowed by the court. Back then it seemed not really important as the valuation was reasonable and we didn't suspect the process would take so long.
When it became clear that the process would take so long that the Bitcoin value would exceed the claims, people organized a legal defense to have the claims reevaluated, but it would be a very exceptional situation and it is unclear to me what the repercussions of such a precedent would be in Japanese law.
I hope that at least Mark would be convicted and the Japanese state would take from him whatever profits remain from the bankruptcy.