MtGox: Deadline for Filing Bankruptcy Extended
The deadline for creditors to file claims against the bankrupt MtGox bitcoin exchange has been extended until July 29, 12:00 JST.
On April 22, 2015, the bankruptcy trustee created a system that enabled MtGox users to file claims against the exchange regarding their lost funds. Currently, the bankruptcy trustee is accepting bankruptcy claims filed by users using the system, an online method which the trustee claims to be temporarily unavailable.
The period for filing bankruptcy claims was set to end on May 29, 2015, but the bankruptcy trustee has been accepting filings of bankruptcy claims after the expiry of the said period. The trustee decided that the deadline for filing bankruptcy claims using the online method would be extended until 12 noon on July 29, 2015 (Japan time).
After July 29, the only things that a user will be able to do through the online method will be to view bankruptcy claims filed by the user and transfer the bankruptcy claims to another person. Close to the time of distribution, the trustee is planning to give users an opportunity to use the system again. They will be able to make changes to the details of their bankruptcy claims other than increasing the amount of the bankruptcy claims that users have filed.
The case is likely to be drawn out further before creditors receive what remains of MtGox’s assets. The exchange collapsed over 15 months ago, taking with it approximately 850,000 bitcoins, 200,000 of which were later rediscovered.
Kraken, a San Francisco-based cryptocurrency exchange, was selected by Kobayashi to assist with the claims process and the distribution of assets. After the ending period, creditors will be able to view the status of their filed claims and transfer them to another person or change personal details. The bankruptcy trustee will not be able to answer inquiries regarding individual cases until the process is complete. Further details regarding transfers of claims will be announced at a later date.
After 750,000 Bitcoins went missing in early 2014, the MtGox bitcoin exchange went bankrupt. In 2015, the official bankruptcy proceeding began against MtGox’s parent company Tibanne. In April 2015, Kraken got engaged in the procedure for client funds distributions.
If you haven’t made your claim yet, you better hurry; after the revised deadline, new claims will no longer be accepted.
What do you think about the whole MTGox claiming process? Let us know on the comments!