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Deadline Looms: Mt. Gox Bitcoin Exchange Creditors Must Register Repayment Method by March 10 – Here’s the Latest

Fredrik Vold
Last updated: | 1 min read
Source: AdobeStock / prima91

A deadline for when creditors to the collapsed bitcoin (BTC) exchange Mt. Gox can register their payment method to receive claims is coming up on Friday this week.

The registration deadline was previously set to January 10, but has later been postponed to March 10.

“Rehabilitation creditors who have not completed the Selection and Registration by the deadline will not be able to receive any of the repayments below,” the Mt. Gox trustee wrote in a letter earlier this week, while listing the following affected repayments:

  • Early Lump-Sum Repayment
  • Repayment for a Portion of Cryptocurrency Rehabilitation Claims in Cryptocurrency
  • Repayment by Bank Remittance
  • Repayment by Remittance through a Fund Transfer Service Provider

The letter added that creditors who have not yet registered the payment method they want to use for receiving their money should do so “immediately.”

“[…] there is only a short time left until the deadline,” the letter warned.

The trustee, Japanese lawyer Nobuaki Kobayashi, further explained in the letter that those who have already submitted their payment details do not need to do it again, although they are free to change their payment details until the deadline.

Claims can be received in crypto or fiat

The Mt. Gox trustee originally asked creditors to submit their payment details in July of 2022.

The letter sent from the trustee at the time also asked creditors whether they would like to receive the “portion of the rehabilitation claims involving cryptocurrency” in the form of bitcoin and/or bitcoin cash (BCH), or not in the form of crypto.

Creditors who opt to receive a portion of their claims in crypto were also asked to register the necessary information for the transfer to be made, including wallet addresses to custodians or exchanges.

It has long been feared that the release of BTC from the Mt. Gox trustee would lead to strong selling pressure in the bitcoin market. The Japanese trustee holds a trove of 141,686 BTC, worth approximately $3.1 billion at today’s price.

For comparison, Michael Saylor’s company MicroStrategy holds approximately 132,500 BTC.