Refund of 137,000 Mt. Gox may start in September; creditors are skeptical about the date
The start of payment for the 137,000 bitcoins that former cryptocurrency exchange Mt. Gox must do for investors affected by the 2014 hack may have a start date, according to the Finbold website.
The vehicle cites a document on the “Assignment and Restriction Reference Period” published this Wednesday (31) by prosecutor Nobuaki Kobayashi and accepted by the Tokyo District Court, where the case is being processed, and which suggests that refunds can begin from the 15th of September.
This is the date established for the beginning of the period in which new requests for reimbursement are prohibited, in order to guarantee the implementation of the reimbursement plan.
The information, therefore, weakens the rumors that began to circulate last weekend that the exchange would make a large bitcoin dump later in August. The story picked up steam on Sunday causing many investors to panic, which may have helped to push bitcoin below $20,000.
Refunds from Mt. Gox may not happen in September
However, although September 15 was mentioned in the document, it does not mean that payments will be made on the date in question, as warned creditors of the brokerage who follow the story closely.
“The administrator is not yet ready to pay. There will be a KYC process, he has to explain how payments are going to happen, collect bank account data, and so on. This will drag on for months, if not years. Nothing the admin does is fast,” tweeted Django Bits, administrator of a Telegram channel of Mt. gox.
The investor stressed that the new document released today does not mean that payments will start on September 15, nor that it will be executed in a single day. Like him, cryptocurrency analyst Eric Wall, who is also a creditor at Mt. Gox assured that the refund process is not progressing as fast as many think.
“Mt. Gox is *NOT* giving out coins this week, or next week, or next week.” he wrote Wall on Sunday, stating that the refund system is not even active. “In the current state, you still cannot register where (which exchange) you want your BTC and BCH to be sent to [pela Mt. Gox].”
Meanwhile, investors are keeping an eye on the bitcoin balance held at addresses controlled by Nobuaki Kobayashi, the administrator overseeing the restructuring of Mt. gox.
The wallets are tracked by Glassnode and show that, to date, Mt. Gox is still standing.Mt. Gox (Source: Glassnode)
remember the case
Mt. Gox was one of the first exchanges on the market and was responsible for 70% of all bitcoin transactions in the world in 2014. Until, that year, the exchange lost 850,000 BTC in an infamous hacker attack that made history in the crypto sector. .
Over the past eight years, investors have fought in court for those responsible for the company to find a way to reimburse them for the money lost in the attack.
The case began to be analyzed by the Japanese courts, since the brokerage was based in the country. In November last year, a “Rehabilitation Plan” was approved by the Tokyo court for repayments to begin the following year — something that has so far not happened.
Even though refunds from Mt. Gox launches in the coming weeks, market experts say the entire investor payment process will be carried out in stages and could take months to complete.
Furthermore, the expectation is that a significant part of creditors choose to hold of received bitcoins rather than dumping them on the market.