Mt. Gox creditors have until the end of the week to register and select a repayment method as part of the plan by which they will be compensated for their losses on the defunct exchange.
In a March 7 announcement, Mt. Gox administrator Nobuaki Kobayashi reiterated a January notice reminding creditors who hadn’t registered for the refund that they had until March 10 to do so, an additional two months as part of the proposed reclamation plan in October 2022. Kobayashi gave no reason for the extension, which would allow people who suffered losses at Mt. Gox to select a reimbursement method and register their information in a reclamation claims filing system at line.
Creditors have the option of a single payment, a bank remittance, a funds transfer service provider, or through a cryptocurrency exchange or custodian. Experts have estimated that the losses of Mt. Gox users amounted to billions of dollars after the exchange collapsed.
MtGox creditors: are you unsure choosing between Early Lump Sum Payment or waiting for Final Payment? Both are perfectly valid and rational choices, and you should think for yourself and decide what’s best for you.
A few considerations. https://t.co/WkwVcZysRh
— WizSec Bitcoin Research (@wizsecurity) March 2, 2023
The Mt. Gox trustee’s update may be one of the last announcements of the creditor’s rehabilitation plan that began in 2018. Approximately 99% of creditors affected by the Mt. Gox bankruptcy had approved a draft rehabilitation plan in October 2021, and Kobayashi announced in November 2021 that the plan was deemed “final and binding” following a Japanese court decision.
The Mt. Gox Investment Fund, one of the exchange’s largest creditors, reportedly chose a repayment plan that would see it receive most of its lost funds as early as September. It is not known exactly when other creditors will be able to expect repayment in cryptocurrencies such as Bitcoin (BTC) or fiat, but some estimates suggest it could be several years.
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