Will Mt. Gox Release The 140K BTC On January 2023? Repayment Methods Revealed
08 Oktober 2022 - 8:39AM
NEWSBTC
The Mt. Gox hack was a watershed moment for bitcoin. And the future
repayment to the affected people will surely be another one. Since
we’re in a bear market, most people worry about what effect will
those 140K BTC will have on the market. Will the Mt. Gox class
prove to be holders or will they sell it all as soon as they get
it? That’s a question for another day, since the Mt. Gox class has
until January 10th, 2023, to complete registration and select their
preferred payment method. Related Reading: Mt Gox Gets Approval To
Return 141,686 To Victims Affected In 2014 Hack The last time we
reported on the issue, attorney-at-law Nobuaki Kobayashi was
appointed as the Rehabilitation Trustee and the repayment
procedures were expected to begin on September 15th. NewsBTC also
informed that “the Mt. Gox bitcoin repayments will happen over a
period of time, putting only a portion into circulation at a time.
This will see that there is a much lesser impact from the BTC
coming into the market and wouldn’t tank the price of BTC.” This
time, we’ll learn about the repayment methods and the full KYC
procedures that the Mt. Gox class is going through to get that
sweet vintage BTC. Mt. Gox Hack Repayment Options It’s hard to
believe, but it seems that after all these years the Mt. Gox story
will come to an end. Ok, there’s been postponement after
postponement and a million new requirements, but there’s also been
progress. This time, Mt. Gox announced, “Regarding repayment under
the Rehabilitation Plan (“Repayment”), the Rehabilitation Trustee
has launched a function for creditors to select a repayment method
and to register payee information.” The creditors “who wish to
receive Repayment” will have to go here and complete the “Selection
and Registration” form before January 10th. 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 Repayments
below, and you will need to bring the required documents to the
MTGOX Co., Ltd. head office.” They will also have to “receive
Repayment in Japanese yen (cash).” On the other hand, those who
complete the forms on time will be able to choose between these
repayment methods: Early Lump-Sum Repayment Repayment for a Portion
of Cryptocurrency Rehabilitation Claims in Cryptocurrency Repayment
by Bank Remittance Repayment by Remittance through a Fund Transfer
Service Provider It’s also worth noting that to receive
payment in the selected method, these three names have to coincide:
“Creditor Name (the name notified to the Rehabilitation Trustee by
the rehabilitation creditor)” “Name of Payee information (Name of
the receipt bank account for a bank remittance, the account of a
fund transfer service provider, and the cryptocurrency
exchange/custodian account, etc.)” “Name set forth in the
identification documents submitted by the rehabilitation creditor
to verify identity using the service provided by Onfido PTE Ltd.”
BTC price chart for 10/08/2022 on Gemini | Source: BTC/USD on
TradingView.com How Will Repayment Affect The Bitcoin Market? The
140K BTC that Mt. Gox will release into the wild will for sure
affect the bitcoin price, but maybe not as much as people fear. The
different payment methods guarantee that everything will happen
gradually. And the Mt. Gox class consists of early bitcoiners. They
might’ve learned something along the way and not be so eager to
sell their BTC. Those coins appreciated considerably since the Mt.
Gox hack, but the price might go even higher in the future. Related
Reading: Binance Hacker Put Millions Of New BNB In Circulation,
What Does This Mean For Price? Of course, a portion of the
creditors will immediately take some profit. However, they forcibly
waited since 2014 for those BTCs. Is there a rush to sell at these
prices? Patience is a virtue. Featured Image: Mt. Gox logo from
Wikimedia | Charts by TradingView
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