The Mt. Gox rollercoaster could be coming to an end, as the exchange’s rehabilitation system introduces a new function that allows creditors to register their information and select a preferred repayment method.
Mt. Gox Rehabilitation System Adds Repayment Options
Following a settlement agreement signed back in October 2021, it was decided that 140,000 Bitcoin (BTC) would be returned to victims of the infamous Mt. Gox hack of 2014 via a rehabilitation system.
In a release dated October 6th, Mt. Gox announced that its rehabilitation system now includes options for creditors to select their preferred repayment method, as well as to register their payee information on the online claim filing system.
Creditors who wish to receive repayments are required to complete the selection and registration process before the deadline, currently set for January 10th, 2023, elapses.
The notice also featured an update on the rehabilitation timeline, information on the financial situation of the failed Mt. Gox Bitcoin exchange, and guidelines for selecting a crypto exchange or custodian.
Bitstamp to Support Mt. Gox Creditors
Bitstamp, one of the world’s longest-running cryptocurrency exchanges, has announced that it will assist in the repayment procedures to Mt. Gox creditors.
The platform, which has been running since 2011, is one of four exchanges set to assist creditors in receiving their assets. Creditors have the option to choose from one of four exchanges, as well as their preferred form of repayment.
On the Flipside
- There are concerns that the return of 140,000 BTC into circulation could negatively affect the price of bitcoin, as the creditors could potentially look to dump the asset after the returns have been made.
Why You Should Care
The notice indicates that the Mt. Gox saga, which has lasted for more than a decade, could soon be concluded.
Learn how the release might affect the price of BTC:
Is MtGox Behind Stalling Price Movement of Bitcoin?
Read about other notable hacks:
12 Biggest Hacks in Crypto Exchange History