Mt.Gox will send notice to creditors regarding virtual currency repayments

10 months ago 39

Virtual currency repayment

MtGOX, a cryptocurrency exchange that went bankrupt in 2014, was reported to have sent an email to its creditors regarding payment in virtual currency.

Mt.Gox explained that it was able to confirm that the recipient of the email owned an account with the virtual currency exchange or custodian that the creditor had registered to receive payment. It states that the process to receive payment in Bitcoin (BTC) and Bitcoin Cash (BCH) will proceed, but it appears that some creditors have not yet received the email.

[IMPORTANT] [MTGOX] Confirmation of Account Ownership by Cryptocurrency Exchange / Completion of account confirmation by virtual currency exchange, etc.
byu/erlichisapig inmtgoxinsolvency

It has been reported that Mt. Gox has started paying off its debts, about 10 years after it went bankrupt. Last month, multiple creditors posted on Reddit that they had received payments in fiat currency.

connection: Examples of repayments being started by Mt. Gox or cash repayments to creditors reported on SNS

What is being reported this time is a communication regarding repayment in physical virtual currency rather than legal currency. The text of the email sent to creditors was published on Reddit on the 22nd, but some people commented that they had not yet received the email.

Future trends

According to data reported by the rehabilitation trustee in September 2019, Mt. (equivalent to 100 million yen).

Mt.Gox’s repayment is attracting a lot of attention not only from creditors but also from investors as it could lead to selling pressure on Bitcoin.

The latest notice available to the public on Mt Gox’s official website is from September last year. It states that the deadline dates for basic repayment, early lump sum repayment, and interim repayment have been changed from October 31, 2023 (Japan time) to October 31, 2024 (Japan time).

The email sent this time does not seem to have specified a specific date, but instead directed people to view the FAQ for more details. The above-mentioned deadline is listed in the FAQ section on the official website regarding repayments, and it is expected that repayments will be made in virtual currency at any time towards the end of October this year.

In addition, in this email, it was explained that contract procedures for proxy receipt will be carried out with exchanges and custodians. They said they would contact them again via email once the deal was finalized.

What is Mount Gox?

A Tokyo-based virtual currency exchange that operated from 2010 to 2014. It was shut down due to hacking damage, and this led to the creation of the custom of “GOXing,” when an exchange is hacked or loses virtual currency due to erroneous transmission.

Virtual currency glossary