Bankrupt bitcoin BTC/USD Exchange Mount Gox released a set of procedures that would allow creditors to register their payment details to recover part of their holdings of digital assets that have been frozen for over eight years.
Mt. Gox said Oct. 6 that it has enabled an online application feature as part of the rehabilitation plan, allowing creditors to register their information and choose a repayment option for future cash withdrawals.
According to Mt. Gox, creditors will lose their money if they do not complete the “selection and registration process” by the January 10, 2023 deadline.
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Before completing the process, creditors should carefully review the materials uploaded by Mt. Gox.
The documents include details of Mt. Gox’s financial status, a rehabilitation plan change notification and obtaining payment approval, and a cryptocurrency exchange and custodian selection guide.
Mt. Gox advised creditors to confirm that the names and addresses listed are correct.
Before the refund is issued, the information in the database will be used to confirm the recipient’s identification.
Release of 137,000 Bitcoin
About 850,000 BTC were stolen when Mt. Gox was hacked in 2011, but in 2014 the exchange said it had found 200,000 tokens.
Since then, creditors have been waiting to get their digital assets repaid.
According to Mt. Gox’s July 2022 balance sheet, 137,000 Bitcoin could be made available to the market.
According to several cryptocurrency analysts, the release of 137,000 BTC could lead to increased selling pressure that could push Bitcoin’s price below the $10,000 mark.
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