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Mt Gox refunds update: Creditor deadline details for registering repayment method

By Darius McQuaid

Edited by Charlie Mellor

14:53, 11 October 2022

Visual representation of the digital cryptocurrency
Bitstamp has announced it is one of the firms supporting Mt. Gox’s repayment efforts – Photo: Getty Images

Trustees looking after the affairs of Mt. Gox, the infamous Tokyo-based crypto exchange that was hacked and consequently filed for bankruptcy in 2014, have announced that creditors have until the start of next year to register and choose a preferred reimbursement method.

Those who are owed money from Mt. Gox have until 10 January 2023 to complete the initial steps of the repayment procedures, according to a letter issued by rehabilitation trustee Nobuaki Kobayashi.

If a creditor fails to register online for reimbursement before the deadline, they will have to bring the required documents to the Mt. Gox head office – or other places designated by trustee – to receive repayment in Japanese yen.

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.


Bitstamp to help with repayments

Cryptocurrency exchange Bitstamp, based in Luxembourg, has announced it is one of the firms supporting Mt. Gox’s repayment efforts.

Creditors who use Bitstamp as their crypto exchange will receive the rehabilitation assets via their Bitstamp account.


66,799.25 Price
-0.530% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00


170.51 Price
+0.010% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652


0.13 Price
+3.580% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872


0.61 Price
+4.820% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

However, there are certain countries that Bitstamp cannot accommodate due to regulatory commitments and it cannot reimburse creditors who live in: China, Iran, Macao, Singapore, South Korea, Japan, North Korea, Syria, Cuba and Ukraine regions: Crimea, Donetsk, Luhansk. 

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Reimbursements unlikely to result in crypto sell-off

Mt. Gox creditors revealed via a Reddit pole in August, what they intend to do once they receive their crypto refund, suggesting that a potential crypto sell-off is not likely to happen.

Most of the Mt. Gox creditors (56%) are not planning on selling their refunded bitcoins, the survey showed.

Another 36% in the ‘mtgoxinsolvency’ subreddit said they would sell their BTC for cash and a further 8% claimed that they would trade their returned bitcoins for other cryptocurrencies. A total of 486 creditors voted in the poll.

“I didn't wait eight years to sell in a bear market,” said one creditor. “I’ve instructed my unborn children to HODL,” wrote another.

Still, the sudden release of a large amount BTC has alarmed some investors who fear it could add further downward pressure on the lead crypto, which would add to the current crypto bear market.

Markets in this article

Bitcoin Cash / USD
394.40 USD
-1.25 -0.320%
Bitcoin / USD
66799.25 USD
-352 -0.530%

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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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