Mt. Gox

Defunct Crypto Exchange Mt. Gox Announces New Deadline For Creditors To Receive Crypto Payments

  • Mt. Gox’s Nobuashi Kobayashi has issued a new memo for creditors to avail their crypto payments. 
  • The creditors have been instructed to register themselves with the Mt. Gox Rehabilitation Claim Filing System and have been advised to set up a functional crypto account with exchanges to avail their payments on time.

Per a new memo issued by the exchange’s trustee, Nobuaki Kobayashi, Mt. Gox creditors are requested to set up their accounts with a crypto exchange before January 10, 2023, to receive their cryptocurrency payments.

Mt. Gox Moves Forward With Plan To Repay Creditors

The new announcement made by Mt. Gox has brought significant reprieve to its forlorn creditors. The exchange has issued a new notice, sharing fresh details on how its creditors can receive their lost cryptocurrency payments.

Per the new memo issued by the exchange’s trustee, Nobuaki Kobayashi, creditors have a predetermined deadline until January 10, 2023 to register themselves with the Mt. Gox Rehabilitation Claim Filing System and set up a functional cryptocurrency account with an exchange to avail of the disbursements of funds.

“Regarding repayment under the rehabilitation plan (repayment), the rehabilitation trustee has launched a new function for its creditors to select a repayment method and to register payee information (Selection and Registration) on the MTGOX Online Rehabilitation Claim Filing System… The deadline for selection and registration is January 10, 2023 (Japan time). Any creditor who wishes to receive repayment must complete selection and registration on the system by such deadline. ” The statement further reads,

The memo further specifies in bold how creditors must register their information with the system in order to avail their payments on time. Failure to register before the deadline will prevent creditors from receiving payments on time.

“If you do not complete the selection and repayment, you will not be able to receive any of the repayments below, and you will need to bring the required documents to MTGOX Co., Ltd. Head Office or other place designated by the Rehab Trustee and receive payments in Japanese yen.” The statement further adds

In addition to this, Bitstamp crypto exchange took to Twitter to announce its part in the MT Gox funds disbursement event by extending its support to the firm.

“Bitstamp is pleased to announce that we are supporting the rehabilitation process for Mt. Gox creditors. Rehabilitation creditors who choose Bitstamp as their cryptocurrency exchange will receive the rehabilitation assets via their Bitstamp account. Bitstamp later shared

The statement also explains how Koboyashi or the third party designated by the firm will carry out the necessary verification of the users involved and will later proceed ahead with the identification of registered names and whether they match with the list of creditors due to receive their funds.

Launched in 2010, Mt. Gox was a prominent Bitcoin exchange headquartered in Shibuya, Japan. The exchange was once reportedly handling 70% of all Bitcoin transactions globally when it suddenly collapsed and declared itself bankrupt. The reports later suggested that the exchange lost nearly 650,000 to 850,000 worth of users’ Bitcoins, which later on, spurred several speculations ablaze in the crypto domain.