Business 13 September 2018Dennis Wafula
Mt. Gox allows corporate users to file claims on its website
Corporate users can now start filing their claims with now-defunct Japanese cryptocurrency exchange Mt. Gox.
On Wednesday, the exchange announced on its website that it has opened up its online rehabilitation claim filing system, to cater for corporate users. When it was first launched last August 23, the system only catered to Mt. Gox creditors. With this new development, corporate clients can also register claims on the funds they lost after the Tokyo-based crypto exchange filed for bankruptcy. The announcement was signed by Mt. Gox trustee Nobuaki Kobayashi.
The exchange has given all affected people until October 22 to file for rehabilitation. Once the filing period is closed, the exchange will no longer accept claims. Kobayashi will submit a list of approved and rejected claims to the court on January 24, 2019.
Mt. Gox collapsed in February 2014 after an alleged hacking attack. The exchange lost 850,000 BTC, which were worth about $450 million at the time. Due to the huge loss, the exchange was rendered illiquid as it could no longer continue with its operations. The hack is believed to have affected around 24, 000 people.
The exchange filed for bankruptcy in 2014, and in June 2018, a Tokyo District Court approved a petition to have the exchange begin the civil rehabilitation process. This proceeding does not guarantee that creditors will be refunded in cryptocurrencies; however, it leaves the door open to a direct Bitcoin distribution as long as it’s stipulated in the court-approved rehabilitation plan.
In 2017, Kobayashi oversaw the selloff of BTC and Bitcoin Cash from the exchange’s estate to reimburse creditors. The process saw many of the crypto sold, which had a significant effect on the cryptocurrency market. Some even ended up dubbing Kobayashi, “Tokyo Bitcoin Whale.”
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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