The trustee sent emails to creditors to confirm their crypto exchange accounts.
Earlier, many creditors received the rehabilitation proceeds in fiat.
By MtGox (MtGox.com) [Public domain], via Wikimedia Commons
The trustee of the now-collapsed crypto exchange Mt. Gox appears to have decided to rehabilitate the victims with Bitcoin or Bitcoin Cash. In an email sent to some victims, the trustee asked for confirmation of their identity and account details with a digital asset exchange.
Mt. Gox Trustee to Pay Creditors in Crypto
“It is anticipated that the Exchange will accept your subscription of agency receipt indicated on the System to receive repayment in BTC/BCH as your agent. Thereafter, an agency receipt agreement will be entered into between you and the Exchange. We will notify you by email when this agreement has been entered into,” an email from Mt. Gox trustee stated, which was posted on a subreddit dedicated to the exchange victims.
“Please note that you may not be able to receive repayment in BTC/BCH if your account is disabled or frozen in the future.”
However, many other users on the subreddit mentioned that they had not received any such emails yet.
A screenshot of the subreddit post by a Mt. Gox creditor
A Wait of 10 Years
Mt. Gox was the largest Bitcoin exchange at its peak, handling 70 percent of all global Bitcoin transactions. However, it shuttered services as it could not recover from the impact of its hack. The former CEO of the exchange was additionally convicted in a Japanese court for tampering with exchange records.
The exchange shuttered its operations in February 2014, yet the trustee took ten years to initiate refunds to the victims. Earlier, the trustee delayed the rehabilitation process several times.
The latest email was received after several Mt Gox victims confirmed receiving refunds from the trustee last month. Those refunds were provided in fiat as many received the proceeds via transfer in Japanese yen, while others received via Paypal. However, there was some confusion about the amount received.
The rehabilitation process also attracted a fair share of controversies as some victims received double payments from the trustee. In a consecutive email, the trustee blamed “a system issue” behind the double payment and sought a refund of the excess amount from the victims.
The trustee of the now-collapsed crypto exchange Mt. Gox appears to have decided to rehabilitate the victims with Bitcoin or Bitcoin Cash. In an email sent to some victims, the trustee asked for confirmation of their identity and account details with a digital asset exchange.
Mt. Gox Trustee to Pay Creditors in Crypto
“It is anticipated that the Exchange will accept your subscription of agency receipt indicated on the System to receive repayment in BTC/BCH as your agent. Thereafter, an agency receipt agreement will be entered into between you and the Exchange. We will notify you by email when this agreement has been entered into,” an email from Mt. Gox trustee stated, which was posted on a subreddit dedicated to the exchange victims.
“Please note that you may not be able to receive repayment in BTC/BCH if your account is disabled or frozen in the future.”
However, many other users on the subreddit mentioned that they had not received any such emails yet.
A screenshot of the subreddit post by a Mt. Gox creditor
A Wait of 10 Years
Mt. Gox was the largest Bitcoin exchange at its peak, handling 70 percent of all global Bitcoin transactions. However, it shuttered services as it could not recover from the impact of its hack. The former CEO of the exchange was additionally convicted in a Japanese court for tampering with exchange records.
The exchange shuttered its operations in February 2014, yet the trustee took ten years to initiate refunds to the victims. Earlier, the trustee delayed the rehabilitation process several times.
The latest email was received after several Mt Gox victims confirmed receiving refunds from the trustee last month. Those refunds were provided in fiat as many received the proceeds via transfer in Japanese yen, while others received via Paypal. However, there was some confusion about the amount received.
The rehabilitation process also attracted a fair share of controversies as some victims received double payments from the trustee. In a consecutive email, the trustee blamed “a system issue” behind the double payment and sought a refund of the excess amount from the victims.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
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