Mt Gox Saga Nears End of the Road — Creditors Required to Register With Exchanges, Bitstamp Selected by Trustee – Bitcoin News

Mt Gox Saga Nears End of the Road — Creditors Required to Register With Exchanges, Bitstamp Selected by Trustee – Bitcoin News


Mt Gox creditors have been issued new information concerning their claims and it seems they now have until January 10, 2023 (Japan time) to register for a repayment method. The latest notice says that any creditors that wish to receive payment, must finish the “selection and registration” section on the system platform by the deadline. Furthermore, the crypto exchange Bitstamp has revealed it is one of the selected exchanges chosen by the court trustee Nobuaki Kobayashi.

Mt Gox Creditors Have Been Given a Deadline to Register With a Selected Exchange

Roughly 38 days ago, the Mt Gox trustee Nobuaki Kobayashi, from the Tokyo-based bankruptcy court system, told creditors that the rehabilitation custodian is “currently preparing to make repayments.” Interestingly, the day before the trustee’s notice, 10,001 bitcoin associated with Mt Gox moved after sitting idle since December 19, 2013.

Furthermore, another 5,000 bitcoin associated with Mt Gox moved five days later, after the bitcoins sat for close to nine years of dormancy. Now Kobayashi has issued a deadline notice that explains creditors must finish the platform’s “selection and registration” section by January 10, 2023.

The latest Mt Gox notice says:

The deadline for selection and registration is January 10, 2023 (Japan time); any creditor who wishes to receive repayment must complete selection and registration on the system by such deadline.

It has been known for quite some time now that creditors will have to register with a selected crypto exchange, and submit basic KYC/AML information. Mt Gox creditors need to register with the selected exchange and at the time of writing, the names of all the exchanges have not been disclosed. However, Bitstamp announced on Friday that the Luxembourg-based trading platform was one of the selected crypto exchanges.

“Bitstamp is pleased to announce that we are supporting the rehabilitation process for Mt. Gox creditors,” the exchange said in a blog post about the subject. “Rehabilitation creditors who choose Bitstamp as their cryptocurrency exchange will receive the rehabilitation assets via their Bitstamp account.”

According to a Mt Gox creditor, users need to log into the system and perform the identity verification process, and then fully complete the “selection and registration” section. Then Mt Gox creditors have a choice to choose either fiat or a crypto and fiat combo.

It seems after the deadline commences next year on January 10, Mt Gox claimants will finally get funds distributed after years of waiting and a turbulent rehabilitation process. There’s no way to verify how many creditors will choose to get a full fiat payment, but it’s been said by a few creditors that choosing the BTC payment was a better option.

Bitstamp’s announcement notes that due to regulatory reasons it cannot support Mt Gox creditors who are residents of China, Iran, Macao SAR, Singapore, South Korea, Japan, North Korea, Syria, Cuba, or three Ukraine regions which include Crimea, Donetsk, and Luhansk.

Tags in this story

24000 claimants, Base Repayment Deadline, bitcoin, Bitcoin (BTC), BTC, Claimants, creditors, Exchange, Exchange hacked, Japan, KYC, KYC Compliance, Mt Gox Trustee, Mt. Gox rehabilitation plan, Nobuaki Kobayashi, repayments, Restriction Reference Period, settlement plan, Tokyo, Tokyo District Court, trustees

What do you think about the latest from the Mt Gox saga? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols today emerging.

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