Mt. Gox

Mt. Gox Trustee Reminds Creditors To Submit Repayment Claims By Mar. 10 

Summary:

  • Mt. Gox rehabilitation trustee Nobuaki Kobayashi reminded creditors to file registration claims before the Mar. 10 deadline.
  • The deadline was extended from January to March at the start of 2023, along with the repayment deadline.
  • Creditors can pick between four repayment options including cryptocurrency and money transfer services.

Mt. Gox rehabilitation trustee Nobuaki Kobayashi reminded creditors to file registration claims before the Mar. 10 deadline. Customers of the defunct Bitcoin (BTC) exchange have waited almost a decade to receive repayments.

Kobayashi’s reminder letter to creditors on Tuesday came after the repayment deadline was extended from Jan. 10 to Mar. 10 as previously reported. The extension gave customers an extra two months to register and file repayment claims with Mt. Gox.

The rehabilitation trustee also reiterated that creditors can pick between four repayment options – early Lump-Sum repayment, cryptocurrency repayment, repayment by bank remittance, and repayment through a money transfer service provider.

Already, two of Mt. Gox’s largest creditors chose to receive their repayment in crypto. Indeed, MtGox Investment Funds (MGIF) and defunct crypto exchange Bitcoinica picked Bitcoin as their repayment option.

Together, the two entities make up a huge chunk of all claims from the hacked BTC trading venue. The decision to pick a repayment in crypto also supposedly eased fears about possible selling pressure on BTC and a dip in market price.

Mt. Gox’s rehabilitation trustee might have been forced to liquidate a significant amount of Bitcoin if these two creditors chose fiat or any other non-crypto option as a repayment method. Bitcoinica and MGIF are expected to receive their BTC repayment by Sept. 30, the current deadline for early lump sum payments.

Rehabilitation trustee Kobayashi previously stated that customers could recover up to 90% of their assets under the recovery plan introduced in September 2022.

Mt. Gox Customers Inch Closer To Recovery

Customers of the shuttered Bitcoin exchange could see repayment nearly a decade after the platform was hacked in 2014. At the time, Mt. Gox was an authority among crypto exchanges, handling as much as 70% of global BTC transactions.

That changed after hackers stole 850,000 BTC from the platform. The stolen funds were worth nearly $19 billion as Bitcoin traded above $22,000 on Tuesday. Mt. Gox has been stuck in bankruptcy proceedings since filing for protection in February 2014.

Mt. Gox Trustee Reminds Creditors To Submit Repayment Claims By Mar. 10  13
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