Payback Time – Mt. Gox Corporate Creditors Can Now File Rehabilitation Claims

It is good news for corporate victims of the Mt. Gox Bitcoin exchange hack. The trustee in charge of the exchange has announced new procedures for corporate investors of the exchange platform to get back their lost funds.

Mt. Gox was one of the largest Bitcoin exchange by trade volume in 2014 but was declared bankrupt the same year after more than 744,000 BTC was stolen by hackers. Creditors subsequently began a years-long process to retrieve their funds.

Things have gotten better, however, especially after a Tokyo district court moved the exchange from bankruptcy to civil rehabilitation in June.

Now, according to a Wednesday release by Mt. Gox’s trustee and attorney-at-law, Nobuaki Kobayashi, corporate investors that were affected are invited to file rehabilitation claims. This is to be done through an online platform provided by the exchange on or before the end of October 22.

“We have released an online rehabilitation claim filing system … which allows corporate users to file their proofs of claim by online methods in connection with the civil rehabilitation proceedings,” Kobayashi said.

In August, the exchange announced a similar step for non-corporate investors that were affected, inviting them to submit a proof of claim through an online or offline platform.

The process of Application for MT Gox Creditors

The online process for recovering lost fund requires users to log in with their MT. Gox username and password. Upon login, users are required to provide a means of identification as well as other detail.

An alternative channel also exists for users who may not have access to their online accounts due to one reason or the other. Such users will have to download the offline form, fill and submit it to the exchange’s postal address together with any means of identification.

“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 warns.

Over to you.

Do you think Mt. Gox can pay affected investors in full? We would love to hear from you, please drop your comment in the section below.

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