Mt. Gox’s Victims Will Receive BTC Worth Of $1 Billion – The Deadline For Filing The Necessary Documents Is October 22, 2018
Back in 2014 Mt.Gox has been unfortunately hacked for more than 850,000 BTC. It’s true that the hack occurred in the crypto industry’s early stages, but it still shook the whole community really hard and crypto enthusiasts have been mentioning the unfortunate event until today.
Victims will get their lost funds back
The Japan-based exchange just revealed that it would be opening its civil rehabilitation claiming process for its creditors which is amazing news for the victims how have lost money.
An official Mt. Gox document claims that the victims of this hack will be able to finally make claims for their lost crypto funds.
Along with the document, Nobuaki Kobayashi, the Mt.Gox trustee, released an online claiming tool with an offline method via post.
The trustee highlighted the fact that there are a few documents and requirements that the creditors will have to fill out in order to get their money back.
22 October is the deadline for filing documents
The victims will have time until October 22 to submit a filing or else they will simply have to take their minds off getting their lost funds back.
“The deadline for filing proofs of claims is October 22, 2018 (Japan time) (must arrive by this date). If proof of claim is not filed by the deadline, then disenfranchisement (i.e., loss of the right to claim) might apply, so please be careful,” Kobayashi said.
It’s essential to note that the process will only be applied for individual traders with one civil rehabilitation process for corporations or legal entities to come at an unspecified date as well.
Kobayashi still has access to approximately 170,000 Bitcoin (BTC) and Bitcoin Cash (BCH), or the equivalent of over $1 billion, which will evidently be distributed to its rightful owners.
After the deadline that was mentioned above, the civil rehabilitation requests will be submitted to Japanese courts by February 14, 2019.
Back in June, documents revealed that the Mt.Gox case would be transitioning from bankruptcy proceedings to civil rehabilitation.
For our readers who are unaware, Kobayashi rose to infamy earlier this year, after many people blamed him for basically wiping out the market by selling tens of thousands of BTC (upwards of 30,000 BTC) for fiat, which obviously triggered a decline in prices.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.