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The Mt. Gox hack was a turning point for bitcoin. And the future repayment to the affected people will certainly be another. Since we are in a bear market, most people are concerned about the effect of that 140K BTC on the price. Will the Mt. Gox class turn out to be the keepers or will they sell everything once they get it? That’s a question for another day, as the mountain Gox class has until January 10, 2023 to complete registration and select your preferred payment method.
The last time we reported on the problem, attorney Nobuaki Kobayashi was appointed as Rehabilitation Trustee and repayment proceedings were expected to begin on September 15. NewsBTC also informed that “the Mt. Gox bitcoin refunds will take place over a period of time, with only a portion being put into circulation at a time. This will ensure that there is a much smaller impact of the BTC coming to market and would not lower the price of BTC.”
This time we learn about the refund methods and the full KYC procedures that the Mount Gox class goes through to get that sweet vintage BTC.
mt. Gox Hack Refund Options
It’s hard to believe, but it seems that after all these years, the story of Mount Gox is coming to an end. Okay, there’s postponement after postponement and a million new demands, but there’s progress too. This time, Mount Gox announced“With respect to reimbursement under the Rehabilitation Plan (“Repayment”), the Rehabilitation Trustee has launched a feature for creditors to select a repayment method and record beneficiary information.”
The creditors “who want to receive repayment” will have to go here and fill in the “Selection and Registration” form before 10 January. This is more than mandatory. “If you do not complete the necessary selection and registration, you will not be able to receive any of the refunds listed below and you must bring the required documents to the headquarters of MTGOX Co., Ltd..” They will also have to receive “refund in Japanese yen (cash)”.
On the other hand, those who complete the forms on time can choose between these refund methods:
- Early repayment at once
- Part Refund of Cryptocurrency Recovery Claims
- Refund by bank transfer
- Refund by bank transfer through a money transfer service provider
It is also worth noting that in order to receive payment on the selected method, these three names must coincide:
- “Name of Creditor (the name communicated by the Rehabilitation Creditor to the Rehabilitation Administrator)”
- “Information about the name of the payee (name of the bank transfer receipt bank account, the account of a money transfer service provider and the cryptocurrency exchange/custodian account, etc.)”
- “Name mentioned in the identification documents submitted by the rehabilitation creditor to verify identity using the service of Onfido PTE Ltd.”
BTC price chart for 10/08/2022 on Gemini | Source: BTC/USD on TradingView.com
How will redemption affect the Bitcoin market?
The 140K BTC that Mount Gox will release into the wild will certainly affect the bitcoin price, but perhaps not as much as people fear. The different payment methods guarantee that everything goes smoothly. And the Mt. Gox class consists of early bitcoiners. Maybe they have learned something along the way and are not so eager to sell their BTC. Those coins rose significantly since the Mt. Gox hack, but the price may go even higher in the future.
Of course, some of the creditors will immediately take profits. However, they have been forcibly waiting for those BTCs since 2014. Is there a rush to sell at these prices? Patience is a virtue.
Featured Image: Mt. Gox logo from Wikimedia | Charts by TradingView