Mt. Gox Trustee Delays Repayments And Clarifies Process

in #hive-1679222 years ago

mtgox.jpeg

A couple of months ago Mt. Gox Rehabilitation Trustee announced that they are ready to start the repayment process to those who have claims. While the announcement and the process of repaying the bitcoins may have some influence in the markets and the price of bitcoin, it was a welcome news. It is about time these bitcoins are returned to those who lost bitcoins or have claims. More than 130k bitcoins need to be redistributed, and some of them may find their way to the markets.

A few days ago, Mt. Gox Trustee published another announcement, which indicates that repayment will start on September 15, 2022, instead of August as it was originally planned in the previous announcement. Feel free to read the correspondence titled - Information on Prohibition of Assignment, etc. of Rehabilitation Claims yourself. It is only three pages. According to this it looks like the repayment process has not started yet.

The start date of the Assignment, or repayment to creditors will be September 15, 2022 Japan time. The end date of the Assignment is not clear. It says the end date will be Base Repayment Deadline.

The Base Repayment Deadline is set by Rehabilitation Trustee with the permission of the court as the date deemed appropriate for repayment and will be set in due course.

In other words, the end date can be anything of their choosing depending on how things go with repayment process. It is understandable, that they wouldn't provide a set date as this process can get too complicated and to make sure everything goes right and all creditors get their claims it is wise not to have set deadlines at this time.

The previous announcement provided information on how creditors can receive their repayments. They have options of early lump-sum repayment, cash/fiat, and portion of repayments in bitcoin and/or bitcoin cash. This announcements seems to be more focused on making sure the process goes smooth, and certain items are clarified, so that there is no confusion after the fact.

Among such clarifications are:

  1. Discontinuation of Acceptance of Applications for Claim Transfer Procedures
  2. Handling of Notice of Transfer for Rehabilitation Claims During Assignment, etc.

By this time, one would assume that everybody would have their paperwork, claims and other information details in order and submitted. But we don't live in an ideal world, and there are always some parties that may have not finished their due diligence. This announcement in a way serves as a warning, saying that once they start repayments no more application for claim transfers will be accepted, at least during the repayment period.

The second thing they are stopping is the ability to transfer these claims during repayment process. In their words, during Assignment the Rehabilitation Trustee plans to suspend access to the System for transferees and the transferors of rehabilitation claims. Their reason is very valid, if transfers of claims continued that would make the process of repayments more confusing and complicated as it would be difficult to whom the payments should be made.

As a consequence of restricting these actions, creditors won't be able to choose a repayment method or register payee information. Hopefully, everybody already submitted their information and just waiting to receive their funds. While not all creditors are the original Mt. Gox users who lost funds, since some have sold their rights or claims to these funds long time ago to other entities, I would still think most would have already submitted their info by now. It doesn't hurt to be careful and take extra measures to make sure things go as planned.

The last message Mt. Gos Trustee wanted to convey in this announcement is that they want to make sure all creditors understand that Rehabilitation Trustee or Rehabilitation Debtor will not be liable to rehabilitation creditors if something goes wrong. There is always a chance things may not work out as planned. Hopefully everything will go smooth and Mt. Gox bitcoins will disappear into the history. There is only ten days left for the repayments to start. I hope it will be fast one, and the announcement we hear from the Trustee is that all repayments were made and no more bitcoins left under their control.

Posted Using LeoFinance Beta

Sort:  

Mt. Gox has bring back nice feelings in the minds of investors, to know no effort was a waste but they would see their wealth flowing.

Posted Using LeoFinance Beta

PIZZA!

PIZZA Holders sent $PIZZA tips in this post's comments:
@torran(9/10) tipped @geekgirl (x1)

Please vote for pizza.witness!

It blows my mind this is still going on.

I just recall how laggy and bad the exchange was back in the day.

Yay! 🤗
Your content has been boosted with Ecency Points, by @sagarkothari88.
Use Ecency daily to boost your growth on platform!

Support Ecency
Vote for new Proposal
Delegate HP and earn more

I hope this is resolved soon. Bitcoin has been saving lots of lives and loosing anything especially in this economy is not funny at all.

Posted Using LeoFinance Beta

After eight years, it is indeed a welcome news. Also, those who will be able to claim their BTC succeafully will be in profit as the price of it then and now is not the same. However, they might have been much more in profit, if this had not happened.

It's still going all the while. The people who had the BTC taken still waiting for the refund !

This is a surprising and unexpected news, at least to me (note that I may just have not followed that, as this seems to be known by many for a while). I am glad to enjoy reading your blogs again, and I hope you had a nice summer!

Cheers!

Mt Gox creditors used Twitter to say these statements don’t have any accuracy in them, with one emphasising that the defunct exchange’s repayment system is yet to be live.

!PGM
!PIZZA

Sent 0.1 PGM - 0.1 LVL- 1 STARBITS - 0.05 DEC - 15 SBT - 0.1 THG - tokens to @torran

remaining commands 1

BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!

The tokens that the command sends are: 0.1 PGM-0.1 LVL-0.1 THGAMING-0.05 DEC-15 SBT-1 STARBITS-[0.00000001 BTC (SWAP.BTC) only if you have 2500 PGM in stake or more ]

5000 PGM IN STAKE = 2x rewards!

image.png
Discord image.png

Support the curation account @ pgm-curator with a delegation 10 HP - 50 HP - 100 HP - 500 HP - 1000 HP

Get potential votes from @ pgm-curator by paying in PGM, here is a guide

I'm a bot, if you want a hand ask @ zottone444


The repayment sounds sweet but who knows how long more will it take to finetune the processes if at all they meant their word.

Well at least it's in progress and I would wait for people to actually get paid back. I hope they do get back their money or at least part of it back after all these years.

Posted Using LeoFinance Beta

This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.

Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.

Please contribute to the community by upvoting this comment and posts made by @indiaunited.

It cleared many miscommunications that I had.

I can't imagine being one of these people who had to wait all these years to get some money back, I would imagine most didn't even think it would turn into this much wealth during the last 7 years so it must hurt even more.

Will be interesting to see how many dump vs how many hodl

I wonder if people who got rugged by places like Celsius will also have to wait years before they see a penny

Posted Using LeoFinance Beta

How big are the changes of it being postponed again?

Posted Using LeoFinance Beta

Mt Gox Bitcoins are hanging over the crypto market like the sword of Damocles. I want them to make Bitcoin payments as soon as possible. Those who want to sell sell, and the case is closed. Thus, an uncertainty that bothers potential Bitcoin investors is removed.

Posted Using LeoFinance Beta

Saludos no sé a quien acudir. Serian tan amable y me orientan. Hice una operación para cambiar HBD por Hive con BlockTraders: 981bd056-e71a-4ace-8148-1a185590c6ad y no se ha efectuado.

It's crazy that it hasn't been done yet. Hopefully they won't continue to drag their feet and Sept 15 will in fact be the day. On another note, I wonder how the market will react immediately after those BTC are distributed? Will many people immediately sell??? We will see I suppose.