Mt. Gox Bitcoin Exchange creditors can now register to choose a repayment method
Mt. Gox Bitcoin exchange rehabilitation system has launched a new feature that allows creditors to choose a repayment method and record payee information.
Mt. Gox rehabilitation system now has a new feature in the repayment process for creditors, according to a notice published on October 6. The feature allows creditors to select a repayment method and register payee information in the electronic claims registration system. The deadline for this selection and registration is 10 January.
Creditors will have to take note of several explanatory materials, as described in the notice. These include a notice of amendment of the rehabilitation plan and obtaining permission regarding payments, information on the financial situation of the failed Mt. Gox Bitcoin Exchange, Income and Expense Statement, and a Guide to Choosing a Crypto Exchange or Custodian.
To register in the system, creditors will have to log in and carry out the selection and registration themselves. Failure to do so by the deadline will mean that they will not be able to receive such repayments as the early lump sum, part of the cryptocurrency rehabilitation requirements, payments from bank transfers or payments through a money transfer service provider.
The message indicates that the majority of Mt. Gox saga is drawing to a close. It is likely to take years before all the funds are transferred to creditors, as stated by one creditor.
Close to a conclusion
Mt. Gox case has been a roller coaster ride for the crypto market. Since the creditors voted on the receiver’s plan for the rehabilitation process, the crypto community has been watching developments closely. This is because the vote resulted in around 140,000 BTC being released to repay creditors.
The Tokyo court confirmed the rehabilitation plan in October 2021, with the board of trustees approving it a month later. Following these approvals, there was some concern about bulk withdrawals of Bitcoin, potentially leading to a weaker market. A Mt. Gox creditor, however, dismissed any chance of Bitcoins flooding the market.
The Bitcoin price remains unaffected by the rehabilitation plan
The Bitcoin price has not been affected by the news of BTC being distributed to creditors. The fear of Bitcoin being dumped was a big headline for a while, but BTC has largely remained the same in the wake of the development.
However, there will still be a close eye on the distribution of BTC back to creditors. It is unlikely to have any major impact on the price, but it will be interesting to see any effects it may have on the market in general.
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