Defunct crypto exchange Mt. Gox announces new deadline for creditors to receive crypto payments

Defunct crypto exchange Mt.  Gox announces new deadline for creditors to receive crypto payments

  • Nobuashi Kobayashi of Mt. Gox released a new note for lenders to take advantage of their crypto payouts.
  • Creditors were instructed to register with the rehabilitation claim submission system of Mt. Gox and instructed to create a functioning crypto account with exchanges to take advantage of their timely payments.

According to a new memo issued by exchange trustee Nobuaki Kobayashi, Mt.Gox creditors are required to set up their accounts with the crypto exchange by January 10, 2023 in order to receive their payments in cryptocurrency.

Mt. Gox is moving forward with the plan to repay the lender

The new announcement made by Mount Gox brought considerable relief to desperate creditors. The exchange released a new notice sharing new details on how its creditors can receive their lost payments in cryptocurrency.

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According to the new memo issued by exchange trustee Nobuaki Kobayashi, lenders have a pre-determined deadline of January 10, 2023 to register with the functional cryptocurrency Mt. with the exchange to take advantage of the disbursement of funds.

“Regarding disbursement under the Rehabilitation Plan (Recovery), the Rehabilitation Trustee has launched a new feature to enable its creditors to select a disbursement method and register beneficiary information (Selection and Registration) in the online rehabilitation claim system MTGOX… The deadline for selection and registration is January 10, 2023 (Japan time). Any creditor wishing to receive a refund must complete selection and registration in the system before this deadline. The statement also said,

The memo further specifies in bold how creditors must register their information in the system to benefit from their timely payments. Failure to register before the deadline will prevent creditors from receiving payments on time.

“If you do not complete the selection and refund, you will not be eligible to receive any of the refunds below and you must bring the necessary documents to the headquarters of MTGOX Co., Ltd. or at another place determined by the rehabilitation receiver. and receive payments in Japanese yen. The statement added more

In addition to this, crypto exchange Bitstamp took to Twitter to announce its participation in MT Gox’s fundraising event, extending its support for the company.

“Bitstamp is pleased to announce that we are supporting the rehabilitation process of the creditors of Mt. Gox. Rehabilitation lenders who choose Bitstamp as their cryptocurrency exchange will receive the rehabilitation assets through their Bitstamp account. Bitstamp later shared

The statement also explains how Koboyashi or the third party appointed by the company will perform due diligence on participating users and then proceed to identify registered names and whether they match the list of creditors to receive their funds.

Launched in 2010, Mt. Gox was a major Bitcoin exchange headquartered in Shibuya, Japan. The exchange reportedly processed 70% of all bitcoin transactions worldwide when it suddenly collapsed and declared bankruptcy. Reports then suggested that the exchange lost close to 650,000 to 850,000 bitcoins from users, which later sparked several speculations in the crypto space.

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