Creditors of the defunct cryptocurrency exchange Mt. Gox take another step closer toward receiving their funds.
The trustee handling Mt. Gox bankruptcy proceedings, Nobuaki Kobayashi, noted in a recent announcement that creditors of the defunct exchange are required to register their information and select repayment methods on an online claim filing system.
Mt. Gox creditors have until January 10, 2023, to complete the process, the exchange’s trustee stated. According to the announcement, payments will be made through any of the supported methods, including a cryptocurrency exchange or custodian, fund transfer service provider, as well as bank remittance.
Requirements for Repayment
Creditors are also required to draft a note of several explanatory materials indicated in the notice. Some of these include filing information on the financial status of the defunct exchange, a notice of the trustee’s rehabilitation plan, the exchange’s income and expenditure statement, etc.
To provide the required details, creditors will have to log on to the Mt. Gox “claims” platform and carry out the registration themselves. Failure to comply with the requirements will result in the creditor not receiving the due repayment.
“If you do not complete the necessary Selection and Registration, you will not be able to receive any of the Repayments below, and you will need to bring the required documents to the MTGOX Co., Ltd. head office or other place designated by the Rehabilitation Trustee and receive Repayment in Japanese yen (cash),” an excerpt of the notice read.
Kobayashi said his company, as well as other parties related to the repayment, will confirm all claims from the registration to ensure that malefactors do not hijack the process.
Meanwhile, Bitstamp stated earlier that it will be among the crypto trading platforms that will support the repayment plan.
Bitstamp is pleased to announce that we are supporting the rehabilitation process for MtGox creditors.
— Bitstamp (@Bitstamp) October 6, 2022
The Mt. Gox Crisis
Victims of the Mt. Gox collapse suffered losses of up to billions of dollars. The crisis shook the cryptocurrency space at the time, with many people keeping watch over new developments from the Mt. Gox case.
This is because a whopping 140,000 Bitcoins were released to the trustee to repay creditors after they approved a draft rehabilitation plan late last year.
A Tokyo court also confirmed the rehabilitation plan, prompting Mt. Gox’s trustee to consider the plan as final and binding. It is expected that it will take a while before Kobayashi will transfer the funds to all creditors.