On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors.
Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown
Social media was abuzz with rumors and speculations last week about the 140K Bitcoin (BTC), being released by Mt Gox. Bitcoin.com News reported the story six days ago. Mt Gox creditors called the rumors “fake news.” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation, heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks.
Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox’s creditors have waited for many years to gain access to bitcoins kept by Tokyo court. According to the website’s claim process, payments in bitcoin (BTC) will be made through an exchange designated by the rehabilitation custodian. According to the Mt Gox claim process:
A rehabilitation creditor will need to sign up as a user in order to be eligible for payment in bitcoin. [exchange].
Mt Gox creditor process was slow. When any creditor objected, the court stopped progress and had to evaluate specific issues. While there is a deadline start date for the “Assignment — Restriction Reference Period,” the end date is marked as the “Base Repayment Deadline.”
The repayment process is not yet scheduled. Kobayashi will still need to inform creditors of specific details about the repayment process. For example, dates and name of the cryptocurrency exchange which will be holding the assets until distribution. It’s likely that the creditors looking to be paid in BTC will need to register with the appointed crypto exchange after it is officially named. Presently, the Mt Gox rehabilitation trustee clearly shows signs he is preparing to make repayments, but it’s anyone’s guess as to when that will officially happen.
Let us know what you think of the Mt Gox latest update. Comment below and let us know how you feel about the subject.
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