Mt.Gox opens online submission form for creditors to file claims

Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan. Launched in July 2010, by 2013 and into 2014 it was handling over 70% of all bitcoin transactions worldwide, as the largest bitcoin intermediary and the world’s leading bitcoin exchange.

In February 2014, Mt. Gox suspended trading, closed its website and exchange service, and filed for bankruptcy protection from creditors. In April 2014, the company began liquidation proceedings.

According to a notice dated Aug. 23 and attributed to Mt. Gox trustee Nobuaki Kobayashi, the company has opened an online claim filing system so that creditors can begin registering claims on the funds that they lost when the exchange became insolvent in 2014. Creditors can also fill out claim forms offline and submit them through the mail.

Mt. Gox went bankrupt after losing an estimated 850,000 BTC — most to hackers, but some to embezzlement — although former CEO Mark Karpeles later found about 200,000 BTC.

A Japanese court ruled in June that Mt. Gox could exit bankruptcy and commence civil rehabilitation proceedings. Moving the company into civil rehabilitation does not guarantee that creditors will be refunded in cryptocurrencies rather than cash, but the structure of this type of civil proceeding is much more flexible, which leaves the door open to a direct bitcoin distribution, depending on what stipulations appear in the court-approved rehabilitation plan.

According to the MtGox Cold Wallet Monitor, the company’s estate is holding 137,891 BTC and 137,891 BCH at press time.

All creditors must submit claims on their assets, including those who previously submitted claims as part of the company’s bankruptcy proceedings. The deadline for filing is October 22. The trustee will then submit a list of approved and rejected claims to the court by January 24, 2019.

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