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Mt Gox Bitcoin compensation claim deadline: BTC repayments next?

By Darius McQuaid

Edited by Charlie Mellor

11:44, 13 September 2022

Representation of bitcoin beneath a laptop screen displaying binary code
At its height Mt. Gox was handling 70% of global BTC transactions – Photo: Getty Images

Mt. Gox, the infamous Tokyo-based crypto exchange that was hacked and consequently filed for bankruptcy in 2014, has announced the distribution date of funds to its former customers will be set in “due course”.

The notice was released by Mt. Gox trustee, Nobuaki Kobayashi.

In total, creditors are owed 141,686 bitcoin (BTC), 42,846 bitcoin cash (BCH) and JPY69.7bn. The hack itself resulted in the loss of 850,000 BTC. 

At its height Mt. Gox was handling 70% of BTC transactions worldwide. 

BTC/USD

67,233.40 Price
-0.340% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,512.15 Price
-0.460% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.13 Price
-1.580% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.59 Price
-2.020% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

The notice stated: “The Base Repayment Deadline is set by the Rehabilitation Trustee with the permission of the court as the date deemed appropriate for repayment and will be set in due course.”

Mt. Gox claim deadline is days away

Creditors have also been given the deadline of 15 September to make or transfer a claim. Once that date has passed, claims and transfers will not be allowed to be processed by the rehabilitation system, and may result in delays or loss of funds.

All creditors will receive an initial base payment, and they can also choose to receive the remainder of their funds through an early lump sum payment or in a later payment. The later payment, however, will not be determined until all outstanding court proceedings are concluded.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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