(Kitco News) - The nearly decade-long saga of Mt. Gox and its stolen Bitcoin may be coming to an end as the trustee handling the bankruptcy for the defunct Bitcoin exchange released a memo updating creditors of an important deadline.
Mt. Gox was a Japanese-based exchange that experienced a hack in 2011, which resulted in the loss of over 850,000 BTC. As a result, the company filed for bankruptcy in 2014. In November 2021, the exchange unveiled a “Rehabilitation Plan” to return some 137,000 BTC to investors, which a majority of creditors approved of.
The trustee on the case, Nobuaki Kobayashi, has informed Mt. Gox creditors that they will have until Jan. 10, 2023, to register with the MTGOX Online Rehabilitation Claim Filing System and create accounts on crypto exchanges to receive disbursements for their claims.
“The deadline for Selection and Registration is January 10, 2023 (Japan time); any creditor who wishes to receive Repayment must complete Selection and Registration on the System by such deadline,” the memo said.
Kobayashi noted that creditors who fail to complete the “selection and registration” process before the deadline of Jan. 10, 2023, will forfeit their funds.
A source familiar with the situation noted that Jan. 10 is merely the deadline for submissions and would not be the day that distribution would occur. That is expected to take place at some point later in 2023.
Documentation about the release of funds has been uploaded for creditors to review before completing the process. This includes information about the financial standing of the Mt. Gox exchange, a guide to the selection of a crypto exchange or custodian, and a notice concerning the amendment of the rehabilitation plan and acquisition of permission regarding payments.
Creditors have been urged to validate that their names and addresses are correct, as the details provided in the database will be used to verify their identities before repayment is issued. Any details that need to be updated must be done so before the deadline.
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The threat of the Mt. Gox BTC being dumped on the market has been a cause for concern across the crypto market for the past several years, with some analysts predicting that their release could trigger a selloff that pushes Bitcoin below the $10,000 mark.
Those fears have somewhat diminished recently; many creditors have indicated that they have no intention of selling their BTC once it is received.
I am a creditor of Mt. Gox and can confirm we are not close to receiving our #Bitcoin. Most people like me also have no intention of selling it. Don’t believe what influencers on Twitter are telling you.
— Marshall Hayner (@MarshallHayner) August 28, 2022
