It’s official: on September 15th Mt. Gox will start the procedure that will lead to repayment of the creditor.
This was announced by the trustee in bankruptcy in a note published on the website of the former stock exchange, which failed in 2014.
The statement states that the start date of the reimbursement grant period, set by court authorization, is September 15, 2022.
Refunds of Mt. Gox will begin on September 15th.
This, however, doesn’t even mean that the 141,000 BTC Gox still has on hand will be released on September 15 nor does it mean that creditors will begin receiving repayments on September 15. It just means that the refund procedure beginswhich could be very long, given how long the whole procedure has taken so far.
However, the statement reads:
“The Rehabilitation Trustee is currently preparing to make repayments in accordance with the approved rehabilitation plan whose confirmation order from the Tokyo District Court was made final and binding on November 16, 2021”
In effect, September 15 marks the end of the preparatory phase, as it is later than that date creditors will not be able to claim anything, and the beginning of the long repayment phase.
All the rumors circulated in recent weeks that the decline The market price of Bitcoin it may be due to early Mt.Gox refunds are, therefore, denied.
Furthermore, the reimbursement procedure itself will be divided into two phases, the starting dates of which are not yet known.
The first phase: refunds in fiat currency
During the first phase, the trustee will sell on the market part of the BTC and BCH still held by Mt.Gox to collect in fiat currency with which to repay those creditors who have opted for refund in fiat currency. These creditors, in fact, take precedence over others.
It is not known how many creditors have made this choice, so it is not even known how many BTC or BCH the receiver will have to sell on the markets.
The second phase: redemptions in BTC and BCH.
Once this first phase has been completed with the repayments in fiat currency, the second phase will begin, which foresees repay the other creditors with the remaining BTC and BCH after the sale.
It is possible to imagine, however, that many creditors have opted for this second option, namely the repayment in cryptocurrencies because above all the many creditors who are entitled to small or very small repayments would have little to gain if they received very small amounts in fiat currency after eight years. It is also possible to imagine that they would hardly sell the cryptocurrencies received at the current very low market prices.
The main problem seems to be linked, on the one hand, to the sale of BTC and BCH that the trustee will necessarily have to carry out for refunds in fiat currency, and on the other, to the behavior of any large creditors who have chosen to repay in cryptocurrencies.
It is unclear whether the curator has already prepared in recent months to proceed with the refunds in fiat currency by selling some of the cryptocurrencies still held by Mt.Gox to very interesting prices. The fact that he claims that he is currently preparing to make ransoms may also hint at this possibility.