Monday, December 5, 2022
 

Mt.Gox Delays Reimbursement Once Again Till Mid-September

  • Nobuaki Kobayashi, a trustee at Mt. Gox, has released a new document outlining the repayment process.
  • On September 15, the restriction reference period will begin.
  • There is no information on when the restriction period will end.

Mt.Gox seems to have again postponed the date by which it will repay over 137,000 Bitcoins (BTC) owed to customers of the hacked trading platform, even though the original date was scheduled for late August.

According to a recent public document posted on the platform’s website on August 31, the “Restriction Reference Period” has been approved by the court and will begin on September 15 and end indefinitely. However, it hasn’t been assured that reimbursements will begin on September 15, 2022.

Rehabilitation claims cannot be assigned, transferred, or succeeded, provided as collateral, or disposed of in any other way during this period. In addition, the document states that the trustee might not know who to reimburse if a transfer notice is filed during the restriction period. The paper explained:

This may result in rehabilitation creditors being unable to receive their preferred Repayments. The Repayment date being delayed significantly compared to other rehabilitation creditors, or at worst, the Repayment amount may be deposited with the Tokyo Legal Affairs Bureau as per laws and regulations.

According to Nobuaki Kobayashi, the Mt.Gox trustee who released the report, creditors have time until September 15 to file claims for money lost in the 2014 collapse of the early crypto exchange.

On the other hand, the document is somewhat unclear about when the restriction period will end. Although it does confirm that it will be followed by the first full repayment to creditors as outlined in the Rehabilitation Plan endorsed by approximately 99% of the eligible users affected by the incident.

In addition, rumors have it that approximately 138,000 BTC owed to creditors will be dumped onto the market. However, creditors and analysts have swiftly dispelled these rumors, saying that the total amount of bitcoins will not be released all at once.

  • Nobuaki Kobayashi, a trustee at Mt. Gox, has released a new document outlining the repayment process.
  • On September 15, the restriction reference period will begin.
  • There is no information on when the restriction period will end.

Mt.Gox seems to have again postponed the date by which it will repay over 137,000 Bitcoins (BTC) owed to customers of the hacked trading platform, even though the original date was scheduled for late August.

According to a recent public document posted on the platform’s website on August 31, the “Restriction Reference Period” has been approved by the court and will begin on September 15 and end indefinitely. However, it hasn’t been assured that reimbursements will begin on September 15, 2022.

Rehabilitation claims cannot be assigned, transferred, or succeeded, provided as collateral, or disposed of in any other way during this period. In addition, the document states that the trustee might not know who to reimburse if a transfer notice is filed during the restriction period. The paper explained:

This may result in rehabilitation creditors being unable to receive their preferred Repayments. The Repayment date being delayed significantly compared to other rehabilitation creditors, or at worst, the Repayment amount may be deposited with the Tokyo Legal Affairs Bureau as per laws and regulations.

According to Nobuaki Kobayashi, the Mt.Gox trustee who released the report, creditors have time until September 15 to file claims for money lost in the 2014 collapse of the early crypto exchange.

On the other hand, the document is somewhat unclear about when the restriction period will end. Although it does confirm that it will be followed by the first full repayment to creditors as outlined in the Rehabilitation Plan endorsed by approximately 99% of the eligible users affected by the incident.

In addition, rumors have it that approximately 138,000 BTC owed to creditors will be dumped onto the market. However, creditors and analysts have swiftly dispelled these rumors, saying that the total amount of bitcoins will not be released all at once.

 

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