Mt Gox Custodian Sets Final Deadline for Creditors to Claim Over $3B in Recovered Bitcoins – Bitcoin News

The Tokyo Court bankruptcy trustee for defunct Japanese bitcoin exchange Mt Gox, Nobuaki Kobayashi, has published a letter stating that creditors have until March 10, 2023 (Japan time) to register their repayment claims. Kobayashi explains that the team is dealing with a “large number of inquiries” and may not be able to respond to lenders in time if they have questions about the process.

Mt Gox Trustee Shares Final Lender Registration Deadline

The Mt Gox saga appears to be coming to an end as the Shibuya-based bitcoin exchange’s rehabilitation committee and receiver have decided outlined repayment process. The exchange, which was launched in 2010, ceased operations in February 2014 and submitted for bankruptcy after 800,000 bitcoins were stolen. Since then, 200,000 bitcoins have been recovered, and that amount, along with the corresponding bitcoin cash (BCH) bitcoin-related funds are used I pay Lenders of Mt Gox.

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

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

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What do you think about the recent end of the Mt Gox saga? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is a Bitcoin.com News anchor and fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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