Uncertainty around the repayment period – After the end of the time limit to declare to the current officials of Mt. Goxthe time of refund for old customers has arrived. Since the bankruptcy in 2014 and the blocking of withdrawals, former users will be delighted to finally get their hands on their bitcoins and on their fonds after almost 10 ans waiting! But they will still have to be patient since the Trustee in charge of creditors has just announced that the operation will take ” some time “.
Mt. Gox user refund phase to begin
The Japanese platform is now part of the crypto legend and will forever go down as the first major player to go bankrupt. By the way, hundreds of thousands of users around the world found themselves stranded without being able to access their funds. After many legal proceedings, the Trustee now go to the last step and the time for reimbursement has arrived.
As a reminder, the Trustee is the structure in charge of the refund creditors in bankruptcy proceedings. Its teams are responsible for carrying out the liquidation assets and the payment of company debts in a specific order and in continuous consultation with the authorities courts concerned. And in the case Mt. Goxthe time has come to return the money to everyone.
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A drop-by-drop refund until next October
But, the operation is so important and the terms so complex, that to anticipate possible complaints, the teams of the Trustee are already warning everyone, it will take time ! It is necessary, in fact, to reimburse exchanges among other financial institutions, as well as individuals. And all this must be done within a clear, precise and transparent legal framework. Mt. Gox is about to make near 142 000 BTC, 143 000 BCH et 69 billion yen (500 million dollars).
The first ones 200,000 yen (1,500 dollars) will be paid in fiat currency, but if the amount is greater than this sum, several options are possible depending on the case. For example, if the client wants to recover cryptosit could receive a mixture composed of 71 % of crypto and 29 % cash. Finally, the administrator announced that the deadline could be extended in agreement with the district court of Tokyo if the need arose.
So the good news is that refunds arrive, the bad news is that it will take time. It therefore took almost 10 years to reach the end of this procedure, which gives customers of platforms that have recently gone bankrupt an idea of the duration of this type of business. However, it appears that shortcuts are possible, as for example in the case FTX where some European clients could review all or part of their fund well earlier than those of Mt. Gox. So there is hope when justice decides to speed up.
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