{"id":18494,"date":"2023-03-09T07:08:45","date_gmt":"2023-03-09T07:08:45","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/mt-gox-trustee-sets-final-cut-off-date-for-creditors-to-claim-over-3-billion-in-recovered-bitcoin-bitcoin-news\/"},"modified":"2023-03-09T07:08:45","modified_gmt":"2023-03-09T07:08:45","slug":"mt-gox-trustee-sets-final-cut-off-date-for-creditors-to-claim-over-3-billion-in-recovered-bitcoin-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/mt-gox-trustee-sets-final-cut-off-date-for-creditors-to-claim-over-3-billion-in-recovered-bitcoin-bitcoin-news\/","title":{"rendered":"Mt Gox Trustee Sets Final Cut-off Date for Creditors to Claim Over $3 Billion in Recovered Bitcoin \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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 \u201ca large number of inquiries\u201d and may not be able to respond to creditors in time if they have questions about the process.<\/strong><\/p>\n

Mt Gox Trustee Shares Final Deadline for Creditor Registration<\/h2>\n

The Mt Gox saga appears to be nearing its conclusion as the Shibuya-based bitcoin exchange\u2019s rehabilitation committee and bankruptcy trustee have outlined<\/a> a repayment process. The exchange, which launched in 2010, suspended operations in February 2014 and filed<\/a> 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<\/a>) funds tied to the bitcoins, is being used to repay<\/a> Mt Gox creditors.<\/p>\n

In a letter<\/a> dated March 7, 2023, Kobayashi stated that creditors must register their claims by March 10, 2023 (Japan Time), and those who miss the deadline \u201cwill not be able to receive any of the repayments\u201d 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<\/a> 35,841 BTC<\/a> and 34,008 BCH<\/a> in 2017 and 2018, and some creditors will be paid in fiat.<\/p>\n

In the Mt Gox claims portal, people can make inquiries, but the letter warns that the Mt. Gox rehabilitation team \u201cmay not be able to respond in a timely manner.\u201d According to the rehabilitation committee\u2019s documentation<\/a>, the remaining Mt. Gox creditors have access to 69 billion yen worth $510 million, 142,000 BTC<\/a> worth $3.1 billion using current exchange rates, and 143,000 BCH<\/a> worth $17 million using current exchange rates.<\/p>\n

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\nTags in this story
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Bankruptcy<\/a>, BCH<\/a>, bitcoin cash<\/a>, Bitcoin exchange<\/a>, BTC<\/a>, Challenges<\/a>, claims<\/a>, creditors<\/a>, Cryptocurrency<\/a>, cryptocurrency industry<\/a>, Fiat<\/a>, final cut-off date<\/a>, fund transfer provider<\/a>, Impact<\/a>, inquiries<\/a>, Mt Gox<\/a>, Nobuaki Kobayashi<\/a>, recovered bitcoins<\/a>, rehabilitation committee<\/a>, remaining creditors<\/a>, repayment claims<\/a>, repayment deadline<\/a>, repayment methods<\/a>, repayment options<\/a>, repayment process<\/a>, response time<\/a>, Shibuya<\/a>, stolen<\/a>, Tokyo<\/a>, Trustee<\/a><\/div>\n<\/div>\n

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.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie 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.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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