Mt Gox's Corporate Creditors Can Now File Claims for Bitcoin Refunds

Corporate creditors of the long-defunct bitcoin exchange Mt. Gox can now enter online claims for refunds of trapped bitcoin assets.

AccessTimeIconSep 13, 2018 at 10:03 a.m. UTC
Updated Sep 13, 2021 at 8:22 a.m. UTC
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The trustee of the long-defunct bitcoin exchange Mt. Gox has announced that corporate creditors can now enter claims to claw back trapped bitcoin through a recently approved rehabilitation process.

Nobuaki Kobayashi, attorney-at-law and the rehabilitation trustee for Mt. Gox said in a release on Wednesday that former corporate users of the exchange will have until Oct. 22 to file proof backing up their claims for refunds of crypto assets held by the exchange.

"We have released an online rehabilitation claim filing system ... which allows corporate users to file their proofs of claim by online methods in connection with the civil rehabilitation proceedings," Kobayashi said.

The release follows previous news that Mt. Gox's online filing system had been opened up to individual (non-corporate) users on Aug. 23.

CoinDesk reported at the time that, after the filing deadline, the trustee will submit a statement of approval or rejection to a Tokyo district court for final decision, tentatively scheduled for Jan. 24 next year, which may be subject to further changes.

Last year, several Mt. Gox creditors filed a petition to the bankruptcy court in Tokyo in an effort to move Mt. Gox out of the bankruptcy case – which started since its infamous hack in 2014 – into civil rehabilitation. The court subsequently approved the petition in June.

Currently, Mt. Gox creditors are also drafting refund policies via their legal representatives, seeking to receive their bitcoin assets in the original form of the deposit – instead of cash– via a designated cryptocurrency exchange.

Mt. Gox, at its peak the largest bitcoin exchange by trading volume, declared bankruptcy in 2014 following the theft of 744,000 BTC from the platform. Creditors subsequently began a years-long process in a bid to retrieve their funds still held by the exchange.

Mt. Gox logo image via Shutterstock

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