Mt. Gox creditors need to register with exchanges next year to receive lost crypto

Quick Take

  • Creditors of defunct crypto exchange Mt. Gox have until a Jan. 10 deadline to register and open an exchange account to receive a disbursement. 
  • It’s not clear when the disbursements will happen, but sources say it will likely occur next year.

The years-long wait for creditors of the long-defunct bitcoin exchange Mt. Gox may be one step closer to completion, according to a memo. 

Trustee Nobuaki Kobayashi wrote that Mt. Gox creditors will have until Jan. 10, 2023, to register with the so-called MTGOX Online Rehabilitation Claim Filing System and create accounts on crypto exchanges to receive disbursements for their claims.

"The deadline for Selection and Registration is January 10, 2023 (Japan time); any creditor who wishes to receive Repayment must complete Selection and Registration on the System by such deadline," the translated memo reads. 

It's not clear how many exchange venues have been designated by Mt. Gox's creditors to assist in repayment to creditors. Bitstamp said in a statement that it was among those appointed. 

Distribution would not occur on Jan. 10, stressed a source familiar with the situation, who expects distribution to occur sometime next year. A majority of creditors approved a draft rehabilitation plan last November, and in a public letter dated Oct. 4, Kobayashi announced court approval of amendments to the rehabilitation plan.

"The purpose of the amendments is to enable rehabilitation creditors to receive repayments under the Rehabilitation Plan smoothly, fairly, and safely, and to clarify matters that had not been made entirely clear in the Rehabilitation Plan," Kobayashi wrote. "Therefore, the amendments have no adverse effect on rehabilitation creditors."

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