News Mt Gox's Bitcoin Creditors Have 4 Days to Submit...

Mt Gox’s Bitcoin Creditors Have 4 Days to Submit Rehabilitation Claims

-

- Advertisment -

Clients of the long-defunct crypto exchange Mt. Gox must submit any claims for trapped funds by Oct. 22.

As previously reported by CoinDesk, the exchange first opened up the claims process in August, following a protracted bankruptcy battle.

In June, petitioners asking for their bitcoin back won a major victory, as the Japanese bankruptcy court overseeing the proceedings shifted the case to one of civil rehabilitation, meaning creditors could file for their cryptocurrency holdings, rather than a fiat equivalent based on cryptocurrency prices in 2014.

Bitcoin was worth less than $600 at the time, but has since soared to around $20,000 in December 2017 and is at $6,508 at press time, according to CoinDesk data.

After the October deadline passes, as set out in late June, Mt. Gox trustee Nobuaki Kobayashi will have a further three months to file a statement of approval or rejection.

While creditors can file for bitcoin claims, they cannot yet claim proceeds from any of the bitcoin forks that occurred since the funds were first frozen in 2014.

According to the statement outlining the civil rehabilitation process:

“At this moment, we plan not to accept specific filing of cryptocurrencies other than bitcoins. Instead, we plan to deem bitcoin creditors who have filed a proof of claim for bitcoins have also filed a proof of claims for other cryptocurrencies proportionate to the number of bitcoins filed. We will post the further detailed information on this website.”

Both corporate and individual creditors have been able to file for claims as of last month.

Mt. Gox image via Shutterstock


The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Why could GLBrain become a great solution to receive support during the crisis?

To support smaller and medium-sized businesses during the ongoing crisis, GLBrain offers services cost-free for all Austrians....

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...
- Advertisement -Mt Gox's Bitcoin Creditors Have 4 Days to Submit Rehabilitation Claims

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

Must read

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that...
- Advertisement -Mt Gox's Bitcoin Creditors Have 4 Days to Submit Rehabilitation ClaimsMt Gox's Bitcoin Creditors Have 4 Days to Submit Rehabilitation Claims

You might also likeRELATED
Recommended to you