Mt. Gox Creditors Have Until January 2023 to Select a Repayment Method

Mt. Gox Creditors Have Until January 2023 to Select a Repayment Method

Mt. Gox creditors could be one step closer to reclaiming their funds after nearly a decade of waiting.

This is as the Rehabilitation Trustee has released a deadline for them to select their preferred repayment method.

Nobuaki Kobayashi, the man in charge of the Mt. Gox rehabilitation process, published a new update for creditors on Thursday (October 6, 2022).
In it, creditors were told that they had until January 10, 2023, to choose a payment option and register payee information otherwise known as selection and registration, via an online claim form.
According to the statement, those who fail to do so run the risk of not receiving an early lump sum repayment and part in cryptocurrency. Also, failure to complete the selection and registration process will exclude affected creditors from receiving repayment via bank transfer or through a fund transfer service provider.
Cryptocurrency exchange Bitstamp stated that the platform would be involved in the rehabilitation process. According to a blog post:

“Bitstamp is pleased to announce that we are supporting the rehabilitation process for Mt. Gox creditors. Rehabilitation creditors who choose Bitstamp as their cryptocurrency exchange will receive the rehabilitation assets via their Bitstamp account.”

Meanwhile, there have been fears that repayment could trigger a massive bitcoin selloff, given nearly a decade that the saga has been ongoing. Some within the crypto community have posited that these people might want to sell their BTC, giving the rise of the asset between the hack and now.

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