Defunct Exchange Mt. Gox Publishes Update for Creditor Rehab Program

Defunct Crypto exchange Mt. Gox has published an update for users regarding repayment for creditors whose money is still nowhere to be seen. The July 6th document published by Mt. Gox's attorney states that “The Rehabilitation Trustee (Nobuaki Kobayashi) is currently preparing to make repayments in accordance with the approved rehabilitation plan.”

Kobayashi has also recently published a report exploring his responsibilities as a trustee, including payment terms. Creditors can choose between BTC and BCH, and either a lump sum or pay-as-you-go model, according to the document. There is also a payment deadline on Kobayashi, with a strict day set at the end of August.

There is some room for speculation still, as rumors surfaced last November that users could be seeing funds “fairly quickly,” according to a Cointelegraph report. The report said the repayment plan was “final and binding” and that “Kobayashi said he would be in touch with details of the specific timing, procedures and amount.” This was eight months ago, so speculation if users will see their funds by August does not appear unreasonable.

A Twitter user, Ki Young Ju, stated he has the link to Mt. Gox BTC wallet and can see transactions in and out of the account. “It’s still quiet for now,” he said in the Tweet.

For users not involved in the Mt. Gox headache, this can spell bad news. Some BTC holders on Twitter are speculating that the influx of BTC to the market could spell disaster as even more investors push the price down.

It is good to see that a now 8-year-long legal struggle with Mt. Gox appears to be coming to a close, although the temporary downward pressure on the market will not be good for struggling industry players right now.

Author: Garrett Meifer

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