The Mt. Gox Bitcoin exchange rehabilitation system has introduced a new feature which allows creditors to choose a repayment method and then register payment information for the payer.
The Mt. Gox rehabilitation system has added functions to the process of repaying creditors as per the notice that was published on Oct. 6. The new position lets creditors choose a repayment option and also records the payee’s information online claim filing system. The deadline for this option and registration is January. 10.
Creditors must take notes of various explanatory documents described within the notification. This includes a notice regarding modifications to the rehabilitation plan, the acquisition of payment authorization, information regarding the financial status of the Mt. Gox Bitcoin exchange, the income and expenditure report and a manual for the choice of a cryptocurrency trading platform or custodian.
To register in the system, the creditors must sign in and complete the registration process and selection independently. Suppose they fail to complete the registration within the timeframe. In that case, they won’t be eligible for payments as a lump sum or a portion of the rehabilitation claims for cryptocurrency, bank remittance payments, or remittances made through a fund transfer provider.
The notice states that the majority of the Mt. Gox drama is about to come to an end. According to the creditor, it could be years before the money is handed over to creditors.
Nearing the conclusion
The Mt. Gox case has been an emotional rollercoaster of an experience for the cryptocurrency market. The blockchain community kept an eye on the progress when the lenders voted on the trustee’s plan for the rehabilitation process. This is because the vote led to around 140,000 BTC being released to repay the creditors.
Tokyo Court confirmed the rehabilitation plan. Tokyo Court affirmed the rehabilitation plan in October 2021, and the Trustee Board approved it a month later. After the approvals, there was some doubt about large Bitcoin withdrawals that could cause a decrease in market value. However, the Mt. Gox creditor ruled out any possibility of Bitcoins being a significant threat to the market.
Bitcoin price is not affected due to the rehab plan
There is no evidence that the Bitcoin rate has not changed despite reports of BTC being handed over to creditors. The worries of Bitcoin being thrown away were the main focus for a time, but BTC has mainly remained the same regardless of these developments.
But, there will be a keen watch on the distribution of BTC back to the creditor. It’s unlikely to have any significant effect on the price. However, observing how it could affect the overall market is interesting.
