The Tokyo bankruptcy court trustee for the defunct Japanese bitcoin exchange Mt Gox, Nobuaki Kobayashi, sets the final cut-off date for creditors to claim over 3 billion USD in recovered bitcoin. He explains that the team is dealing with many inquiries and may be unable to respond to creditors in time if they have questions about the process.
Mt Gox trustee shares final deadline for creditor registration
The Mt Gox saga appears to come near its end as the Shibuya-based crypto trading platform rehabilitation committee and bankruptcy trustee have put forward a repayment process. The exchange, founded more than a decade ago, suspended all its operations in Feb 2014 and filed for bankruptcy after over 800,000 bitcoin were stolen. Since then, only 200,000 BTC have been recovered, and that amount, along with the corresponding bitcoin cash funds tied to the bitcoins, is being used to repay all the Mt Gox creditors.
Recently, in a letter with the date “March 7, 2023, Mt Gox trustee Nobuaki Kobayashi said that the creditors must register their claims by March 10, 2023, as per Japan time, and those who will miss this deadline will not receive any of the repayments.
The repayment method includes multiple choices such as early lump sump payments, payment in crypto, settlement through a fund transfer provider, and others. The trustee sold 35,841 BTC and 34,008 BHC in 2017 and 2018, respectively, and some creditors will be paid in fiat currencies.
Mt Gox rehabilitation team may not be able to respond on time
As you know, the Tokyo bankruptcy court trustee for the defunct Japanese bitcoin exchange Mt Gox, Nobuaki Kobayashi, sets the final cut-off date for creditors to claim over 3 billion USD in recovered bitcoin. He also said that in the MT Gox claim portal, people are allowed to make their inquiries, but the Mt. Gox rehabilitation team may not respond on time.
According to the rehabilitation committee’s documentation, the remaining Mt. Gox creditors will have access to 69 billion yen worth 510 million USD, 142,000 BTC with 3.1 billion using current exchange rates and 143,000 worth 17 million USD as per current exchange rates. An announcement published by the Mt Gox team last Thursday also reveals the original March 10, 2023 deadline has been changed to April 6, 2023.
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