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The Tokyo bankruptcy court administrator for defunct Japanese bitcoin exchange Mt Gox, Nobuaki Kobayashi, has published a letter saying 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 creditors in time if they have questions about the process.
The Mt Gox saga appears to be drawing to a close as the Shibuya-based bitcoin exchange’s rehabilitation committee and bankruptcy trustee have outlined a repayment process. The exchange, which launched in 2010, suspended operations in February 2014 and filed for bankruptcy after 800,000 bitcoins were stolen. Since then, 200,000 bitcoins have been recovered and this amount, along with the corresponding bitcoin cash (BCH) funds linked to the bitcoins, is being used to repay Mt Gox creditors.
In a letter dated 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 repayments” mentioned in the letter. The repayment methods include options such as an early lump sum payment, payment in cryptocurrency, payment by bank transfer and settlement through a money transfer provider. The trustee sold 35,841 BTC and 34,008 BCH in 2017 and 2018, and some creditors will be paid in fiat.
In the Mt Gox claims portal, people can ask questions, but the letter warns that Mt. Gox remediation team “may not be able to respond in time.” According to the rehabilitation committee’s documentation, the remaining Mt. Gox creditors access 69 billion yen worth $510 million, 142,000 BTC worth $3.1 billion using current exchange rates, and 143,000 BCH worth $17 million using current exchange rates.
What do you think about the Mt Gox saga coming to a conclusion soon? Let us know what you think about this topic in the comments section below.
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