Fun

Deadline Approaching: Mt Gox Trustee Sets Final Cut-off Date for Creditors to Claim Over $3 Billion in Recovered Bitcoin

News Feed - 2023-03-09 03:03:42

Deadline Approaching: Mt Gox Trustee Sets Final Cut-off Date for Creditors to Claim Over $3 Billion in Recovered Bitcoin


The Tokyo bankruptcy court trustee for the 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 creditors in time if they have questions about the process. Mt Gox Trustee Shares Final Deadline for Creditor Registration


The Mt Gox saga appears to be nearing its conclusion 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 that amount, along with the corresponding bitcoin cash (BCH) funds tied 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 choices such as an early lump sum payment, payment in cryptocurrency, bank remittance payment, and settlement through a fund 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 make inquiries, but the letter warns that the Mt. Gox rehabilitation team “may not be able to respond in a timely manner.” According to the rehabilitation committee’s documentation, the remaining Mt. Gox creditors have access to 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. Tags in this story Bankruptcy, BCH, bitcoin cash, Bitcoin exchange, BTC, Challenges, claims, creditors, Cryptocurrency, cryptocurrency industry, Fiat, final cut-off date, fund transfer provider, Impact, inquiries, Mt Gox, Nobuaki Kobayashi, recovered bitcoins, rehabilitation committee, remaining creditors, repayment claims, repayment deadline, repayment methods, repayment options, repayment process, response time, Shibuya, stolen, Tokyo, Trustee


What do you think about the Mt Gox saga coming to a conclusion soon? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living 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. Coinbase Launches Wallet-as-a-Service to Bring Millions to Web3 NEWS | 4 hours ago Bitcoin Proponents Slam Nobel Laureate Paul Krugman After Venmo Payment Issue NEWS | 8 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCoinbase Launches Wallet-as-a-Service to Bring Millions to Web3 Next articleBlockchain Retail Market Size to Top Over $2 Billion by 2028 — Study Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales


Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

UAE Charitable Foundation Receives Approval to Accept Crypto Donations
UAE Charitable Foundation Receives Approval to Accept Crypto Donations Al Jalila Foundation, the United Arab Emirates charitable organization, recently announced that it has been g
Iran Raises Alarm Over Potential Influx of Miners From China
Iran Raises Alarm Over Potential Influx of Miners From China With the government in Beijing cracking down on their operations, Chinese miners have been on the lo
Bitcoin dips below short-term holder realized price, sparking $60K fears
Ciaran Lyons8 hours agoBitcoin dips below short-term holder realized price, sparking $60K fearsBitcoin’s price briefly dipped below a critical level for traders sparking fears that a further correction toward $60,000 m
Ethereum Price Completes 12 Weeks Of Bottom Formation, Analyst Says Don’t Aim Lower Than $4,900 ATH
Este artículo también está disponible en español. Technical analysis suggests the days of the Ethereum price consolidation might be over very soon. At the time of writing
The ‘Bitcoin Rich List’ Has Grown 30% in the Last Year, But Why?
The Bitcoin Rich List, or the number of addresses holding more than 1,000 BTC, has grown in the past 12 months, possibly reflecting an influx of high-net-worth investors.   The me
Bitcoin Price Is Mirroring The Same Movements From 2023, Here’s What It Means
Este artículo también está disponible en español. Crypto analyst Trader Tardigradehas drawn the community’s attention to the fact that the Bitcoin price is mirroring 20
You can now deploy your own L3 rollup for $50 a month
Brayden Lindrea5 hours agoYou can now deploy your own L3 rollup for $50 a monthCrypto infrastructure startup Conduit says users can now launch their very own layer 3 with “only a few clicks.”810 Total views1 Total sh
Bitcoin, Ethereum Technical Analysis: BTC Edges Lower, as US Manufacturing Sector Contracts
Bitcoin, Ethereum Technical Analysis: BTC Edges Lower, as US Manufacturing Sector Contracts Bitcoin fell into the red on March 2, as markets reacted to further negative data from t
DePIN platform peaq secures $15M in pre-launch round
Ana Paula Pereira7 hours agoDePIN platform peaq secures $15M in pre-launch roundGerman-based blockchain startup peaq has secured $15 million in a Series A round led by Generative Ventures and Borderless Capital.1107 Tota
Bitcoin taps $62K as 6% BTC price rebound runs into stubborn US dollar
William Suberg8 hours agoBitcoin taps $62K as 6% BTC price rebound runs into stubborn US dollarBTC’s price recovers from seven-week lows, but Bitcoin is not the only asset attempting to break higher.3602 Total views12
Turner Wright5 hours agoFinCEN proposes designating crypto mixers as money-laundering hubsThe U.S. Treasury previously targeted individuals connected to Tornado Cash, but its proposed actions on mixers followed concerns
Bitcoin’s ‘up only’ rally creating around 1.5K crypto millionaires daily — Data
Nancy Lubale4 hours agoBitcoin’s ‘up only’ rally creating around 1.5K crypto millionaires daily — DataBTC’s consecutive all-time highs are printing thousands of new millionaires, industry data shows.2224 Total