Nobuaki Kobayashi, custodian of Mount Gox, released an update on Wednesday regarding the long-stalled cryptocurrency exchange’s rehabilitation plan for creditors. According to the file, the reference period for the restriction begins on September 15. During this phase, “the assignment, transfer, succession, guarantee or other disposition of rehabilitation claims is prohibited.”
Kobayashi asserted that creditors have until September 15 to file claims for funds lost when the early cryptocurrency exchange collapsed in 2014:
“During the appointment, etc. The limitation reference period, the Rehabilitation Trustee will cease to accept applications for the claims transfer procedure through the Rehabilitation Claims Submission System.”
The document is unclear on the deadline for the restriction period but asserts that it will be followed by the first full payment to creditors, as outlined in a rehabilitation plan approved by nearly 99% of eligible users affected by the case.
The file also stated that if notice of the transfer is given during the period of restriction, the trustee may not be able to determine who must pay:
“This may result in rehabilitation creditors being unable to receive their preferred repayments, significantly delaying the repayment date compared to other rehabilitation creditors, or in the worst case, the repayment amount may be deposited with the Tokyo Legal Office in accordance with laws and regulations.”
Earlier this week, rumors spread on Twitter about 137,000 bitcoins being dumped, putting pressure on the cryptocurrency markets. Creditors later denied the speculation on social media.
She was Mt. Gox was one of the first cryptocurrency exchanges, and at one time facilitated more than 70% of all transactions made within the blockchain ecosystem. After a major hack in 2011, the site later collapsed in 2014 due to alleged bankruptcy; The fallout affected around 24,000 creditors and led to a loss of 850,000 BTC. In November 2021, the exchange secretary confirmed that the rehabilitation plan was in the Japanese court system. It is one of the last steps in a long process that began in 2018 with a petition for compensation to creditors.