Former clients of defunct Bitcoin exchange Mt. Gox can now file for rehabilitation claims following the launch of a new system.
Light at the End of the Tunnel?
Mt. Gox trustee Nobuaki Kobayashi filed a notice yesterday announcing that an online system for filing claims is now open and is available to affected users worldwide.
Through the system, victims of the 2014 hack of the Japanese cryptocurrency exchange can file a claim for the return of their lost crypto assets. If users don’t have access to the online system there is also a form available. For the number of people who had used Mt. Gox during its peak, this will seem like the end is in sight.
However, it hasn’t been an easy ride. Back in March, it was reported that the trustee had sold $400 million worth of the company’s remaining Bitcoin in order to reimburse creditors. At the time, it was speculated that this was driving the price of Bitcoin down.
Notably, at the time it was also highlighted that Mark Karpelès, former CEO of Mt. Gox, could still receive billions in Bitcoin and Bitcoin Cash assets. This was after creditors had been reimbursed. In a bid to distance himself from what has happened and move on, he claimed that he didn’t want anything.
The deadline for filing claim proofs is October 22, 2018.
Worst Hack in History
During the height of Mt. Gox’s supremacy in 2013 and 2014 it was handling around 70 percent of all Bitcoin transactions.
At the end of February 2014, the exchange filed for civil rehabilitation after discovering the loss of more than 850,000 bitcoins. Two months later it filed for bankruptcy protection. The later discovery of more than 200,000 bitcoins was then frozen as bankruptcy proceedings began.
In June of this year, it was reported that victims might soon see an end to what has become one of the worst crypto hacks in history. It was then that a Tokyo district court moved the exchange from bankruptcy to a civil rehabilitation process.
At the time, Karpelès said that he was happy with the court’s decision.
I hope entering civil rehabilitation will be for the best of everyone. As I said previously I am not expecting any kind of profit from this and only hope everyone will be repaid as much as possible as soon as possible.
For many, it has been a long road just to get where they are now. It’s hoped that it won’t take too long for closure to be seen, bringing an end to this part of Bitcoin’s history.
Are you someone who will be filing for a claim? Let us know in the comments below.
Images courtesy of Shutterstock