Deadline Approaching: Mt Gox Trustee Sets Final Cut-off Date for Creditors to Claim Over $3 Billion in Recovered Bitcoin

Nobuaki Kobayashi, the governor of the Tokyo bankruptcy court for the defunct Japanese bitcoin exchange Mt Gox, has released a letter saying creditors must register their repayment claims by March 10, 2023 (Japanese time). Kobayashi explains that the team is handling “a lot of inquiries” and may not be able to respond to creditors in time if they have questions about the process.

Mt Gox Trustee Announces Creditor Registration Deadline

The Mt Gox saga appears to be drawing to a close as the Shibuya bitcoin exchange rehabilitation committee and bankruptcy trustee charted the redemption process. The exchange, launched in 2010, suspended operations in February 2014. filed bankruptcy after stealing 800,000 bitcoins. Since then, 200,000 bitcoins have been recovered, and this amount, along with the corresponding bitcoin money (BCH) Bitcoin-pegged funds are used to repay MtGox lenders.

IN letter dated March 7, 2023, Kobayashi stated that creditors must register their claims by March 10, 2023 (Japanese time) and those who fail to meet the deadline “will not be able to receive any payments” mentioned in the letter. Repayment methods include options such as early lump sum payment, cryptocurrency payment, bank transfer, and settlement through a money transfer provider. Trustee sold 35 841 BTC and 34 008 BCH in 2017 and 2018, and some creditors will be paid fiat.

On the Mt.Gox claims portal, people can make inquiries, but the letter warns that the Mt.Gox rehab team “may not be able to respond in a timely manner.” According to the rehabilitation committee documentationthe remaining Mt.Gox lenders have access to 69 billion yen worth $510 million, 142,000 BTC in the amount of $3.1 billion at the current exchange rate and 143,000 BCH in the amount of $17 million at the current exchange rate.

What do you think about the imminent conclusion of the Mt Gox saga? Let us know what you think about it in the comments section below.

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