Mt Gox Saga Nears End: Creditors Must Register With Exchanges, Trustee Picks Bitstamp

By: Mark Jessy

Mt Gox Saga Nears End: Creditors Must Register With Exchanges, Trustee Picks Bitstamp

October 9, 2022 10:51 AM

Creditors of Mt. Gox have received updated claim information and it appears they have until January 10, 2023 (Japan time) to register for a repayment method. In order to be paid, creditors must complete the "selection and registration" process on the system platform by the specified date, as per the most recent notification. In addition, Bitstamp, another cryptocurrency exchange, has come forward to confirm that it is one of the exchanges chosen by court trustee Nobuaki Kobayashi.


Approximately 38 days ago, Tokyo bankruptcy court trustee Nobuaki Kobayashi announced to Mt. Gox creditors that the rehabilitation custodian is "currently preparing to make repayments." Interestingly, 10,001 Bitcoin linked to Mt Gox moved the day before the trustee's notice, after being dormant since December 19, 2013.


In addition, five days later, after the bitcoins had lain dormant for nearly nine years, another 5,000 bitcoins connected to Mt Gox were transferred. Kobayashi has now issued a deadline notice explaining that creditors need to complete the "selection and registration" section of the platform by January 10, 2023.


The most recent Mt Gox announcement reads:

"Any creditor who expects to be paid back must make their selection and register on the system no later than 10 January 2023 (Japan time)."


For some time, it has been understood that creditors will be required to sign up with a particular cryptocurrency exchange and provide some basic Know Your Customer/Know Your Customer/Anti-Money Laundering details. Creditors of Mt Gox will need to sign up with the chosen exchange, but the identities of these exchanges remain unknown as of this writing. On Friday, however, Bitstamp revealed that its Luxembourg-based exchange would be one of those chosen.


Bitstamp said in a blog post, "We are pleased to announce that we are supporting the rehabilitation process for Mt. Gox creditors." If you're a rehabilitation lender and you have a Bitstamp account, users can get their rehabilitation assets there.


A Mt Gox creditor has stated that in order to receive a payout, users must first verify their identities within the system before completing the "selection and registration" form. The creditors of Mt Gox can then choose between traditional fiat currency and a combination of crypto and fiat.


After years of waiting and a rocky recovery process, it appears that Mt Gox claimants will finally get their money after the deadline begins on January 10 of next year. Even though it's impossible to know for sure how many creditors will opt for the full fiat payment, a select few have already spoken up about how advantageous it was for them to receive their compensation in bitcoin.


In its announcement, Bitstamp states that it cannot provide services to Mt Gox creditors who live in China, Iran, Macao SAR, Singapore, South Korea, Japan, North Korea, Syria, Cuba, or the three regions of Ukraine known as Crimea, Donetsk, or Luhansk due to regulatory reasons.