According to new reports, those investors who lost assets during the infamous Mt. Gox hacks are now eligible to file rehabilitation claims against the exchange. We should note that within rehabilitation claims, the debtor (Mt. Gox) still holds the power to administer and dispose of assets, although a trustee will be appointed to oversee this. In the instance of Mt. Gox, the trustee is Nobuaki Kobayashi, as appointed by the Tokyo District Court.
So, what happens now?
Those who are eligible can file rehabilitation claims by going to this website – https://claims.mtgox.com/assets/index.html/, here, users must sign up and follow a set of instructions. It’s important to bear in mind that users will have to file slightly different claims depending on whether or not they have previously filed a bankruptcy claim against the exchange, therefore the process differs between:
- “Users who filed a proof of bankruptcy claim online under the bankruptcy proceedings.”
- “Users who did not file a proof of bankruptcy claim under the bankruptcy proceedings.”
- “Users who filed a proof of bankruptcy claim offline under the bankruptcy proceedings.”
This is of course going to be a very long and drawn out process and thankfully Mt. Gox is a severe exception for when it comes to ‘loss adjustment’ as a result of exchange hacks. What I am trying to say here is that, yes, this is an awful lot of work as a part of a long and drawn out process, but hopefully, we’ll never have to see this again as a result of an exchange hack, because Mt. Gox was a big one.
Just to give you a bit of a background on how drawn out this has been, according to Financefeeds:
“Let’s recall that some of the creditors of MtGox filed a petition for commencement of civil rehabilitation proceedings against the Exchange with the Tokyo District Court on November 24, 2017. The petition was heard on June 22, 2018, and the Tokyo District Court issued an order of the commencement of civil rehabilitation proceedings for MtGox. As a result, the previously ongoing bankruptcy proceedings were stayed. Due to the stay of the bankruptcy proceedings, MtGox bankruptcy claims filing system has been temporarily suspended.”
Hopefully now with the rehabilitation claims system now in place, there’s some light at the end of the tunnel for investors here.