Mt.Gox Sets Jan 10 as Deadline for Creditors to Register for Compensation

Godfrey Benjamin  Oct 08, 2022 18:30  UTC 10:30

2 Min Read

There seems to be a beam of light for customers of bitcoin exchange operator Mt.Gox as a date has been set for creditors to register and choose a repayment plan for them to recover their lost funds.

According to news from a Rehabilitation Trustee, Nobuaki Kobayashi, users are required to register payee information on the MTGOX Online Rehabilitation Claim Filing System. Creditors that wish to receive payment have therefore been given a deadline of January 10, 2023, to complete their Selection and registration.


Creditors were also given a guideline on how to proceed with their initial registration; rehabilitation creditors must log into the system themselves in order to ensure safe and secure payment. 


Additionally, it is anticipated that the Rehabilitation Trustee will use the address provided by rehabilitation creditors to verify the identity or provide it to other parties participating in the repayment process in order to receive Repayment. 


Therefore, any rehabilitation creditors who need to rectify or otherwise change the address information that has already been notified should complete the address change processes right away.


The now-defunct Mt. Gox


Bitcoin exchange called Mt.Gox is situated in Shibuya, Tokyo, Japan. Initially created by Jed McCaleb in July 2010, Mt.Gox was later sold to Mark Karpeles' Tibanne Co. in March 2011. Online transactions were also halted after it was hacked in February 2014 and its Bitcoins were stolen. 


About 850,000 bitcoins were lost by Mt.Gox in 2011 as a result of hacker attacks. This loss cost the exchange $460 million at the time or about $40 billion at the current price of one bitcoin. Thousands of the exchange's users, who are cryptocurrency owners and pay out of their own pockets, covered this loss.


Sources claim that the Mt.Gox Rehabilitation trustee had intentions to speed up reimbursements and offered creditors the choice of Bitcoin, cash, or Bitcoin Cash as payment; however, creditor Eric Wall denied this information by claiming that the payment system was not yet ready.

Image source: Shutterstock

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