Defunct Bitcoin Exchange Mt. Gox to Extend Deadline for Civil Rehabilitation Claims

Defunct Bitcoin Exchange Mt. Gox to Extend Deadline for Civil Rehabilitation Claims 1

Defunct Japanese cryptocurrency exchange, Mt. Gox, recently announced plans to extend the deadline for rehabilitation claims till December 2018.

Creditors of Collapsed Cryptocurrency Exchange May have Till December

According to an official Mt. Gox document, rehabilitation trustee, Nobuaki Kobayashi, announced on Thursday (November 22), plans to extend filings for rehabilitation claims to December 26, 2018.

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Kobayashi, who serves as the bankruptcy trustee for the collapsed Bitcoin exchange, Mt. Gox, stated the possibility of an extension for filings delayed not because of creditors. Such claims presented after the October deadline could be acceptable.

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The rehabilitation trustee went further to state that the power to accept rehabilitation claims after the deadline rests with the court. Kobayashi is also considering the vast number of creditors worldwide along with the time frame needed to file the claims.

In the attorney’s words:

Considering that creditors in the Civil Rehabilitation proceedings are located worldwide, and that a certain period of time is required for proofs of rehabilitation claim forms to be delivered, among other factors, the Rehabilitation Trustee will make efforts to request the court to accept proofs of rehabilitation claims received by December 26, 2018 (Japan time).

Additionally, creditors who are yet to file their claims can still do so before the expiration of the proposed new deadline. Also, the online filing method is still open. However, those unable to use this method can send their completed forms via the offline method, latest by December 28.

Mt. Gox: The Cryptocurrency Exchange that Passed Too Soon

Mt. Gox was the biggest virtual currency exchange before its massive hack and subsequent collapse in 2014. The exchange lost about 850,000 BTC to hackers. Some affected victims petitioned for the commencement of civil rehabilitation proceedings in 2017, which the Tokyo court granted in June 2018.

Following the court’s order, the company opened rehabilitation claiming process for victims of the hack. The process, however, applied to only individual creditors. Kobayashi gave October 22, 2018, as the deadline for filing claims. The next month, September, the company opened an online rehabilitation claim for corporate users, with the same October deadline.

Nobuaki Kobayashi, who serves as the rehabilitation trustee for the Mt. Gox exchange, earned the title “Tokyo’s Bitcoin Whale.” In March, the attorney revealed that he sold about $400 million worth of BTC and BCH since September 2017, with an extra $1.9 billion left. Kobayashi was responsible for liquidating tokens on behalf of the company’s creditors.

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The trustee later released an official document, which revealed that the attorney sold approximately 24,658 BTC and 25,331 BCH between March and June 2018.  The trustee, however, ceased all liquidation process in June.

Image courtesy of Shutterstock.

Defunct Bitcoin Exchange Mt. Gox to Extend Deadline for Civil Rehabilitation Claims 2
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bitcoin
Bitcoin (BTC) $ 33,834.00
ethereum
Ethereum (ETH) $ 1,972.26
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 296.99
cardano
Cardano (ADA) $ 1.25
dogecoin
Dogecoin (DOGE) $ 0.236684
xrp
XRP (XRP) $ 0.640922
usd-coin
USD Coin (USDC) $ 1.01
polkadot
Polkadot (DOT) $ 15.88
binance-usd
Binance USD (BUSD) $ 1.00