Mt.Gox bankruptcy processing timeline (2014-2026)

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This entry sits under exchanges index. Read it against Japan Domestic VASP Crypto Asset Breach History (2014-2026) for peer / contrast context and FSA crypto-asset exchange registration system — number system / Local Finance Bureau jurisdiction / registration requirements for the broader system / regulatory boundary.

1. Overview

In 2014-02-28, Mt.Gox (MTGOX Co., Ltd., Shibuya, Tokyo) announced a loss of approximately 850,000 BTC + approximately 28 億円 and filed for civil rehabilitation. It subsequently moved to bankruptcy proceedings and, in 2018-06 , received the world’s first “resumption of civil rehabilitation for a crypto-asset business” decision. In 2024-06 in-kind repayment finally began, and it continues as of 2026 年 — a 12 -year case, one of the world’s longest crypto-asset bankruptcy proceedings. It is the starting point of Japan Domestic VASP Crypto Asset Breach History (2014-2026) and the single largest trigger for Japan’s VASP regulatory design.

2. timeline key dates

2014-02-07 — withdrawals halted (a technical issue cited as the official reason)
2014-02-28 — civil rehabilitation filing · announced loss of approximately 850,000 BTC + 28 億円
2014-03〜10 — partial recovery of lost BTC (approximately 200,000 BTC)
2014-04-24 — civil rehabilitation suspended · bankruptcy proceedings commencement decision (Tokyo District Court)
2018-06-22 — civil rehabilitation resumption decision — world’s first crypto-asset business rehabilitation case
2019-04 — civil rehabilitation plan submitted
2021-11-16 — civil rehabilitation plan approval decision
2024-06-24 — repayment begins (5-7 concentrated repayment period)
2025-2026 — remaining claims · ongoing repayment

3. Repayment structure

A choice between CRC (Crypto Receiver Coupon) vs JPY early lump-sum repayment — selectable per creditor
BTC + BCH in-kind repayment (at market value · reflecting the holding ratio at the time of 2014 )
Repayment-platform partnerships: Bitstamp / Kraken / bitFlyer / Jp Exchange SBI Vc Trade
A distributed model in which domestic and overseas creditors are paid / receive disbursements via their respective registered platforms

4. Institutional significance

The 2014 loss → the single largest trigger for legislation of the 2017 amended Payment Services Act (VASP registration system) — the starting point of Domestic Crypto-Asset VASP Regulatory Timeline (2014–2026)
The 3 -stage transition of civil rehabilitation → bankruptcy → resumption of civil rehabilitation was a world first (forming case law that treats bitcoin as a “thing” rather than a “monetary claim” under legal interpretation)
The multi-exchange repayment-platform model is a precedent for the bitFlyer-partnered return scheme in FTX Japan (2023)
FSA Business Improvement Order (BIO) domestic VASP administrative-action history (2018-2026) · Domestic VASP Cold Storage 95% + Segregated Management Regime are all reflections of the lessons of Mt.Gox

5. Global comparison

In the U.S., FTX International went bankrupt in 2022-11 → achieved 100% repayment in 2025-06 (approximately 3 years). Mt.Gox, by contrast, has taken 12 years (2014→2026 ongoing) — the difference stems not from regulatory design but from litigation complexity (the ownership dispute over the lost BTC + the Karpelès personal-liability litigation + overseas-creditor coordination). It is a case that inversely illuminates the institutional-design proposition that “the speed of bankruptcy processing is determined by the business’s segregated-asset management system.”

Related:

jp-vasp-incident-history (starting point of incident history)
jp-vasp-regulatory-timeline (institutional reflection)
ftx-japan-100pct-return-case-study (comparative contrast)
jp-exchange-bitflyer · jp-exchange-sbi-vc-trade (repayment platforms)
fsa-business-improvement-orders-history

Sources: Mt.Gox civil rehabilitation official site (nob.mtgox.com), FSA public materials, Nikkei・ITmedia・Coindesk Japan reporting, IR announcements from each repayment platform.