Deadline for Filing MTGox Bankruptcy Claims Extended

Deadline for Filing MTGox Bankruptcy Claims Extended

On April 22, 2015, the MtGox bankruptcy trustee initiated a process enabling MTGox users to claim their lost funds. The trustee created a system that enabled users to file claims against MtGox in order to try and retrieve their lost funds. The deadline to file claims against the bankrupt bitcoin exchange was set to end on the 29th of May. However, this period has been extended until July 29.

The bankruptcy trustee has been accepting filings of bankruptcy claims after the expiration date. The trustee decided that the deadline for filing bankruptcy claims using the online method would be extended until 12 noon on July 29, 2015 (Japan time). The case is likely to be drawn out further before creditors receive what remains of MtGox’s assets.

Meanwhile, the bankruptcy trustee is still accepting bankruptcy claims filed in the system by Gox victims. However, the system seems to have had some issues and is currently temporarily unavailable. After July 29, the only things that users will be able to do with the online method will be to view bankruptcy claims filed by the user and transfer the bankruptcy claims to another person.

The exchange collapsed over 15 months ago, taking with it approximately 850,000 bitcoins, 200,000 of which were later rediscovered. After the Bitcoins went missing in early 2014, Mark Karpelès — the CEO of MtGox — initiated a bankruptcy process for the exchange. In 2015, an official bankruptcy proceeding against MtGox and its parent company, Tibanne, began. In April 2015, San-Francisco-based exchange Kraken got involved in dealing with the procedure for the distribution of the user’s funds.

Close to the time of distribution, the trustee is planning to give users an opportunity to use the system again. They will be able to make changes to the details of their bankruptcy claims other than increasing the amount of the bankruptcy claims that users have filed.

The bankruptcy trustee will not be able to answer inquiries regarding individual cases until the process is complete. Further details regarding transfers of claims will be announced later. After the ending period, creditors will still be able to view the status of their filed claims and transfer them to another person or change personal details.

Judging by the fact that after the revised deadline, new claims will no longer be accepted, we strongly advise everyone who haven’t made their claim yet to do so as soon as they can.

Were you affected by the MtGox collapse? Let us know in the comments below!
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Nuno Menezes is a Portuguese Bitcoin Entrepreneur and a crypto currency’s enthusiast supporting the Bitcoin Portuguese Community. He is an Anthropologist and a Writer and his current field of work is virtual currencies. Complementing his Social Sciences Master degree with a Professional background in telecommunications along some experience in Computer Science, he intends to bring knowledge and understanding about the impact of crypto currencies in society.