Mt. Gox Collecting Creditors’ Lost Funds Claims

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Mt. Gox Collecting Creditors' Lost Funds Claims

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Japanese cryptocurrency exchange Mt. Gox began collecting civil rehabilitation claims on Thursday as it attempts to start restoring the creditors’ lost bitcoins.

The platform released an online claim submission process with Nobuaki Kobayashi as the acting trustee. The claimants will be able to respond until October 22. Detailed online is advice and a step-by-step guide on how exactly users can make their claims or access their Mt. Gox accounts to claim the ”return of cryptocurrency and money against MTGOX.” There is also an offline process that can be followed, should there be any issues or lack of information required to submit claims online.

In an online statement earlier this month, Mt. Gox officials warned that any proof of claim not issued by the deadline would be subject to disenfranchisement — a loss of the right to claim. It also detailed the Mt. Gox administration’s ambition to make the whole civil rehabilitation process as comprehensive and transparent as possible. The statement reads: ”The rehabilitation plan should be simple and the implementation thereof should have a high degree of certainty.”

These recent proceedings have been welcomed by users of the platform that failed to submit claims prior to its bankruptcy.

Mt. Gox’s controversial history

One of the earliest cryptocurrency exchanges, Mt. Gox, collapsed in early 2014 following the biggest Bitcoin theft to date: BTC 850,000, approximately USD 473 million at the time.

While BTC 200,000 were later recovered, they remained frozen in Mt Gox’s accounts as it fell into bankruptcy, leaving creditors waiting nearly four years to know whether or not to ever expect their funds returned.

Mass bitcoin sell-offs by Mt. Gox has characterized the exchange’s practices since November 2017, often allegedly causing markets to become unsettled. In June, however, Kobayashi stated that he would make sure this came to an end.

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Image Courtesy: Pixabay

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