Mt. Gox’s creditors are one step closer to accessing their funds after the trustee of the bankrupt Bitcoin (BTC) exchange completed the registration process before initiating the refund. The deadline for creditors to register has expired and all creditors are expected to be reimbursed within the next six months. Here are the details…
Mt. Gox creditors’ BTC buying process begins
Mt. Gox trustee, Mt. The refund window for creditors at Gox is now open. The deadline for the creditors to submit their claims ended on 6 April. Nobuaki Kobayashi, who oversees the refund process, stated that due to all the necessary preparations and verifications that need to be done, it may take some time for the refund to begin. We previously reported that the payment completion date has already been postponed from September 30 to October 31.
Going forward, the trustee stated that they will contact banks and crypto exchanges to share information about the registration and repayment process. It has been stated that the payment will be made in three installments: “basic repayment”, “intermediate repayment” and “early lump sum repayment”. These payments are expected to be completed by October 31, 2023. However, the exact timing of the repayment to each creditor has yet to be determined. In addition, in the statement on the subject, the authorities used the following statements:
Also, please note that, taking into account various circumstances, the above deadline may be extended with the permission of the Tokyo District Court, or a different date may be set for some refunds with the permission of the Tokyo District Court.
How will the distribution of payments be?
The latest development in the Japanese Bitcoin exchange’s repayment process comes six months after the trustee opened its registration window to provide the necessary information for creditors to access their funds. About 10,000 creditors submitted their preferred form of repayment (fiat or crypto) and details of their bank account/wallet addresses. Currently Mt. Gox will pay 142,000 Bitcoins worth $3.9 billion, 143k Bitcoin Cash (BCH) worth $17.9 million, and part of 69 billion Japanese yen. It is stated that the payments will be mixed with these assets.
Specifically, each creditor will receive 200,000 yen of their claims in fiat currency. Those who will receive more than this will receive 71 percent of the remainder in crypto money and 29 percent in cash. cryptocoin.com As we reported, after Mt Gox filed for bankruptcy in February 2014, the Tokyo District Court appointed Nobuaki Kobayashi as the bankruptcy trustee to oversee the repayments. At its peak, the exchange was processing more than 60-70% of all Bitcoin transactions. Bitcoin was trading at around $700 when Mt Gox filed for bankruptcy. Now the price has increased by more than 4,000 percent.
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