Mt. Gox trustee has released a new update regarding the distribution. Nobuaki Kobayashi, the trustee for the long-defunct crypto exchange Mt. Gox, provided details on the distribution plan for creditors on Wednesday. The restricted reference period begins on September 15th, according to the documentation.
It is forbidden to assign, transfer, succeed, provide as collateral, or dispose of rehabilitation claims in any other way during this phase. Kobayashi said that the deadline for creditors to submit claims for money lost when the first cryptocurrency exchange failed in 2014 was September 15.
When Mt. Gox repayment?
The Rehabilitation Plan, which was authorized by nearly 99% of the eligible users affected by the case, outlines the restricted period’s duration and specifies that it would be followed by the first full repayment to creditors.
The file also noted that the trustee might not be able to decide whom to reimburse if notification of transfer is made during the restricted period.
Twitter speculations regarding a 137,000 BTC dump earlier this week caused pressure on the cryptocurrency markets. Later, creditors denied the rumors that circulated on social media.
One of them warned against trusting Twitter “influencers” and stated that they had no intention of selling bitcoin.
Creditor Eric Wall used Twitter to refute the baseless accusations and to explain why Bitcoin holders should disregard this myth and block anyone who is spreading it there:
One of the first exchanges for cryptocurrencies, Mt. Gox formerly enabled more than 70% of all transactions carried out inside the blockchain ecosystem. Following a significant attack in 2011, the website allegedly became insolvent and dissolved in 2014.
The impact affected roughly 24,000 creditors and cost 850,000 BTC. The exchange’s trustee stated in November 2021 that the repair proposal was pending before a Japanese court. It is one of the last stages in a protracted procedure that started in 2018 with a petition to pay creditors.