The rehabilitation claim deadline for all Mt. Gox victims has been extended. Anyone who lost their funds through the Mt. Gox hack of 2014 will now have a chance to file their claim with the company through December 26, 2018 to potentially get any lost funds back.


The Details

The announcement came in a press release issued on Thanksgiving Day 2018. The release explains:

The period for filing proofs of rehabilitation claims in the civil proceedings for MTGOX Co., Ltd (“MTGOX”) ended on October 22, 2018 (Japan time). However, if filings are delayed for reasons not attributable to creditors, proofs of rehabilitation claims filed after the deadline (i.e. October 22, 2018) may be acceptable. Whether proofs of rehabilitation claims filed after the deadline will be accepted is determined by the court. Considering that creditors in the Civil Rehabilitation Proceedings are located worldwide, and that a certain period is required for proofs of rehabilitation claim forms to be delivered, among other factors, the Rehabilitation Trustee will make efforts to request the court to accept proofs of rehabilitation claims received by December 26, 2018 (Japan time).

A Little History

Stationed in Japan, Mt. Gox was among the world’s largest cryptocurrency exchanges. In 2014, it was the victim of thefts that totaled more than $400 million in lost BTC. The event has left many questions unanswered, primarily regarding who was responsible. CEO of Mt. Gox Mark Karpeles was repeatedly questioned about his potential role in the theft, and even spent a year stashed away in a Japanese jail.

Last August, however, the organization issued a notice saying that all victims of the hack could begin submitting claims for whatever funds they might have lost.

The King Is Knocked Aside

Mt. Gox’s status was eventually overtaken in January of 2018 when Coincheck – another exchange stationed in Japan – was victimized by hackers and ultimately lost more than $500 million in assorted crypto funds. The event spurred the involvement of Japan’s Financial Services Agency (FSA), which began sending warning letters to all Japan-based digital exchanges and telling them that if they didn’t up their security protocols, they would face permanent shutdowns.

The latest release discussing the claim submittal process offers users a direct way to file their claims online with the company. For anyone who’s unable to submit their claims on the internet, there is a separate link where they can download a claim sheet in paper form, print it and send it in via snail mail.

Was Mt. Gox’s trustee right to extend the deadline? Why or Why not? Let us know in the comments below.


Images courtesy of ShutterStock

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