By
Tolu Ajiboye
April 23rd, 2024
The rehabilitation plan was approved by the Trustee Board in November 2021 after being validated by the Tokyo Court a month earlier.
According to a notice published on October 6, the Mt. Gox Bitcoin exchange rehabilitation system now has a new function in the process of reimbursing creditors.
The feature enables creditors to choose a mode of payback and to enter payee data into the online claim submission system. The selection and registration deadline according to the notice is January 10.
Creditors must however take note of a number of explanatory documents that are listed in the notice.
These comprise a notice outlining the rehabilitation plan’s update and request for permission to make payments, details on the Mt. Gox Bitcoin exchange’s financial situation, an income and expense statement, and a guide for selecting a cryptocurrency exchange or custodian.
Creditors are also required to log in and complete the selection and registration themselves in order to be registered on the system.
Creditors who fail to do so by the deadline will not be able to obtain repayments like the early lump sum, a percentage of the cryptocurrency rehabilitation claims, bank remittance payments, or remittance through a fund transfer service provider.
The rehabilitation plan was approved by the Trustee Board in November 2021 after being validated by the Tokyo Court a month earlier. This was after creditors voted on the trustee plan for the rehabilitation process, which saw about 140,000 BTC being released towards repaying the creditors.
Many concerns however arose following these approvals, about large-scale Bitcoin withdrawals, which would cause the market to become more unstable. A creditor of the Mt. Gox Bitcoin exchange, however, dismissed any possibility of a Bitcoin market crash.
The price of Bitcoin has not been affected by the news of BTC being distributed to creditors after fears of Bitcoin being dumped became a major headline in the news for a while.
The notice also revealed that the greater part of the Mt. Gox case is close to coming to an end. A creditor also noted that the transfer of funds to creditors will likely take years to complete.
Mt. Gox Bitcoin exchange was a Tokyo-based cryptocurrency exchange that operated between 2010 and 2014. At its height, the exchange accounted for almost 70% of all Bitcoin transactions.