Mt. Gox Users Can Now File Claims for Their Lost Bitcoins

The customers of the Tokyo-based bitcoin exchange Mt. Gox are now able to file a claim in order to get their lost money back.

Photo: GotCredit/Flickr

Photo: GotCredit/Flickr

Former users of the collapsed bitcoin exchange Mt. Gox have finally got an opportunity to return their lost funds. According to bankruptcy trustee Nobuaki Kobayashi, the customers of the exchange can now send their claims against the company regarding the reimbursement.

The users will be able to file a claim either at website or via the US bitcoin exchange Kraken, which last year assisted Kobayashi in investigating the lost bitcoins. Moreover, the company took part in the creation of a claims system, helped to distribute bitcoin and fiat funds to creditors, as well as exchanging bitcoin to fiat currency.

In order to encourage users to utilize the platform, Kraken is now providing each creditor with up to $1 million in free trade volume and lower fee of 0.1%. Besides, the company is considering an option of returning money in the form of bitcoin. The users who decide to file a claim through Kraken, have to register within the platform and create an account.

Given the fact that Mt. Gox included customers from all over the world, Kraken made the claim service available in all regions of operation.

“We see our involvement in this process as an opportunity to restore faith in the community by showing what we need more of in the Bitcoin space – trusted leadership,” said Jesse Powell, CEO of Kraken.

If the users prefer to send claims online, they have to know the e-mail address, which they previously used on Mt. Gox. Those who don’t have an access to the Internet, will be able to send their claims offline.

The bankruptcy trustee warned users not to give their e-mail addresses, passwords or user names to any third party, noting that the bankruptcy trustee or Mt. Gox will not bear any responsibility for the loss of money.

The returns of lost funds will be calculated at a rate of $483 per bitcoin, including an additional 6% per year. Although it is higher than the current price of bitcoin, it is far lower than the rate registered at the time of collapse (on average $750).

Bankruptcy claims will be accepted until May 29, 2015, with final decision on returns is expected to be made by September, 2015. The trustee is also planning to decide which amount each approved claimant will receive.

Mt. Gox was closed in 2014 after it was attacked by hackers, which stole in general more than 850,000 bitcoins or $400 million, leaving the company with a debt of around $63.6 million.

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