Mt Gox Creditors Updated, Trustee Says Recovery Custodian ‘Currently Preparing to Make Payments’ – Bitcoin News

In the year On August 31, 2022, Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the recovery guardian is “currently preparing to make payments” to Mt Gox’s creditors.

Trustee Mt Gox Updates Creditors – Payment Date & Exchange Still Unknown

Social media platforms and headlines were flooded with speculation and rumors regarding the withdrawal of 140K bitcoin (BTC) from Mt Gox last week. News six days ago the situation as many people and Mt Gox Lenders Called a rumorFake newsHe said. During the same period, a Bitcoin whale transferred 10,000 BTC to unknown wallets, and 2018 annotation, heuristics and clustering methods show that the funds may be from the June 2011 Mt Gox hack.

Following the secret whale transfer, last Wednesday, MT Gox’s trustee Nobuaki Kobayashi published an official update explaining that the court is “currently preparing to make payments” to creditors. Mt Gox’s creditors have been waiting for years to get their bitcoins seized by a Tokyo court. According to the website’s claim process, payments in bitcoin (BTC) are made through an exchange designated by the resettlement custodian. The Mt Gox claims process states:

In order for the rehabilitation lender to accept payments in Bitcoin, it will be necessary to register as a user in the designated area. [exchange].

The Mt Gox creditors process is extremely slow and when any creditor files an objection, the court has had to halt progress to review certain issues. While there is a starting date for “Allotment — Limitation Reference Period”, the end date is marked as “Basic Payment Last Date”.

So no one knows when the official payment will start. Kobayashi still needs to update the payment process with certain details, such as specific dates and the name of the exchange for crypto assets waiting for distribution. Lenders who wish to be paid in BTC will likely need to register with the designated crypto exchange once it is officially designated. Currently, the Mt Gox Recovery Trustee is clearly showing signs that it is ready to make a payment, but when this will officially happen is anyone’s guess.

Tags in this story

24000 Claimants, Base Payment Deadline, Bitcoin, Bitcoin (BTC), BTC, Claimants, Lenders, Exchange, Exchange Hacked, Japan, KYC, KYC Compliance, Mt Gox Trustee, Mt Gox Recovery Plan, Nobuaki Kobayashi , Fees , Suspension Reference Period , Settlement Plan , Tokyo , Tokyo District Court , Trustee

What do you think about the new Mt Gox update? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is the news lead at and a financial tech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,700 articles for News about the disruptive protocols emerging today.

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