Sunday, July 21, 2024

Nobuaki Kobayashi, a trustee for the failed Japanese Bitcoin exchange Mt Gox, has written a letter that announced creditors have till March 10th 2023 (Japan Time) to file their repayment requests. Hearing too many inquiries from creditors about the process, Kobayashi warned his team may not be able to answer all questions in time.

The deadline that was to be on March 10, 2023 has been changed. The Tokyo court said it should be April 6, 2023 now.

Giving Back What Was Stolen

The Mt Gox story is coming to an end. This is because a bunch of people who are dealing with the issue have thought of a way to repay customers. Mt Gox was created in 2010 and it stopped working in 2014 after a lot of its Bitcoin had been taken away. Luckily, 200,000 Bitcoin were recovered from the robbery so these and other funds will be given back to creditors of Mt Gox.

Kobayashi sent a letter on March 7, 2023 saying that if creditors didn’t register their claims by March 10th (Japan time), they won’t receive any money from what Kobayashi said in the letter. There are four ways to get your money back: an early lump sum payment, cryptocurrency, bank remittance payment and transferring money through a special provider. The trustee sold more than 70,000 bitcoins and Bitcoin Cash in 2017 and 2018, and some people will be returned their money in the form of regular currency like dollars or yen.

There is a website where people who used to have money in Mt Gox can ask questions. But, it might take the team that’s helping them with this problem a while to answer those questions. The total amount of money and digital currencies (like Bitcoin and Bitcoin Cash) that these people still have access to is about 69 billion yen, which equals to about $510 million in cash, 142 thousand BTCs worth about $3.1 billion using current exchange rates, and 143 thousand BCHs which are equal to about $17 million using today’s rate.

The Mt Gox team said that the original deadline of March 10, 2023, has been changed to April 6, 2023. What do you think about this? Do you have any opinion about this news? Please tell us in the comments below.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.

Follow us

CryptokenTop

CrypTokenTop is a website dedicated to providing comprehensive information and analysis about the world of cryptocurrencies. We cover topics such as Bitcoin, Ethereum, NFTs, ICOs, and other popular crypto topics. Our mission is to help people learn more about the crypto space and make informed decisions about their investments. We provide in-depth articles, analysis, and reviews for beginners and experienced users alike, so everyone can make the most out of the ever-evolving world of cryptocurrency.

© 2023 All Right Reserved. CryptokenTop