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HomeBTCBTC exchange Mt. Gox issues guidelines to creditors for BTC repayment

BTC exchange Mt. Gox issues guidelines to creditors for BTC repayment

Mt. Gox, an insolvent BTC exchange, on October 6 issued guidelines for creditors to register their payment information for receiving their BTC that has been locked for more than eight years.

In a 2011 cyber-attack, Mt. Gox lost more than 850,000 Bitcoins. The exchange published a “Rehabilitation Plan” in November 2021, to give 137,000 BTC back to investors.

BTC exchange

Mt. Gox declared on October 6 that it has enabled an online claim process, as part of the rehabilitation plan, that would permit investors to register their information and choose an option for fund repayments.

Mt. Gox stated, customers who don’t fulfilled the “selection and registration” procedure by January 10, 2023 will lose their money.

Prior to finishing the registration process, creditors should carefully examine the materials issued by Mt. Gox.

The documents include details on Mt. Gox’s financial status, a notice regarding the modification of the rehabilitation plan and the acquisition of permission regarding payments and a selection guide for cryptocurrency exchanges and custodians.

Mt. Gox advised investors to confirm that the addresses and names are accurately listed. The information filled in the database will be utilised to confirm the recipient’s identification, before issuing the refund. Customers that need to update their information can do so, before the deadline.

Mt. Gox lost Around 850,000 Bitcoins in 2011 hacking activity. However, the exchange revealed that it had found 200,000 BTC in 2014. Customers have been patiently waiting since then to get their money back.

According to Mt. Gox’s balance sheet firm could release around 137,000 BTC in the market, stated the news platform.

Numerous cryptocurrency specialists forecasted that the release of 137,000 BTC might result in more selling pressure, which could drive the price of Bitcoin below the $10,000 level.

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