Mt. Gox Admin Sets Entry Deadline January 10 for Refund Selection
Creditors of former crypto exchange Mt. Gox have until January 2023 to register and select a repayment method under the plan by which they will be compensated for their losses.
According to an Oct. 6 announcement by Mt. Gox trustee Nobuaki Kobayashi, creditors have until January 10 to select a reimbursement method and register beneficiary information in an online pardon application filing system to be paid by bank transfer, funds transfer service provider, cryptocurrency exchange or custodian. Kobayashi’s update is the latest development in a rehabilitation plan that began with a 2018 petition to compensate Mt. Gox creditors for their lost funds following the exchange’s 2014 collapse.
“If you fail to complete the necessary screening and registration, you will not be eligible to receive any of the refunds below, and you must bring the required documents to the registered office of MTGOX Co., Ltd. or such other location as may be designated by the Rehabilitation administrator and receive the refund in Japanese yen,” the notice reads. “If you are unable to receive such a refund, the refund amount will be deposited with the Legal Affairs Bureau.”
Crypto Exchange Bitstamp announcement this will be one of the companies supporting the repayment plan:
Bitstamp is pleased to announce that we support MtGox’s creditor rehabilitation process.
— Bitstamp (@Bitstamp) October 6, 2022
Kobayashi said his office or “reimbursement-related third parties” would confirm that the names of registrants matched those entitled to compensation, in addition to verifying resident identities for any addresses provided. It is unclear if the repayment plan included the option for creditors to receive Bitcoin (BTC) or fiat, and how soon after the January 10 deadline the funds will be distributed.
The losses of Mt. Gox users have been estimated at billions of dollars following the collapse of the crypto exchange. About 99% of the creditors concerned by the platform go bankrupt approved a draft rehabilitation plan in October 2021, with applicants representing approximately 83% of the total voting rights voting yes.
Kobayashi announced in November 2021 that the plan was considered “final and binding” after being accepted by a Japanese court. However, the trustee noted in an October 4 update that it had petitioned for certain modifications to the provisions of the rehabilitation plan, which “would not adversely affect the creditors of the rehabilitation”.