Assets, Bitcoin

Can You Withdraw Bitcoin From Mt Gox?

If you’re a Bitcoin user, you may have heard of the Mt. Gox exchange. Mt. Gox was once the largest Bitcoin exchange in the world, handling over 70% of all Bitcoin transactions.

But in February 2014, Mt. Gox suspended trading, closed its website and Exchange service, and filed for bankruptcy protection from creditors.

Mt. Gox’s bankruptcy trustee later revealed that 850,000 Bitcoins (worth about $473 million at the time) had been stolen from Mt.

Gox’s coffers. 200,000 of those Bitcoins have since been found, but 650,000 remain missing.

So what does this mean for Mt. Gox’s users? Can they get their Bitcoins back?

The answer is complicated. In the wake of Mt.

Gox’s collapse, a number of different claims processes have been set up for users who lost money in the exchange. These include:.

• The Japanese bankruptcy claim process: This is being overseen by Japanese law firm Kobre & Kim, and is open to all users who had Bitcoins stored with Mt. Gox at the time of its collapse.

NOTE: Warning: Attempting to withdraw Bitcoin from Mt Gox is highly risky. Mt Gox has a long and troubled history and may not be able to complete the transaction. In addition, the process of withdrawing Bitcoin from Mt Gox may be complicated and time-consuming. If you decide to go ahead, please proceed with caution and make sure that you understand all of the risks involved.

Claims can be made online and must be submitted by October 22nd, 2018.

• The Civil Rehabilitation Plan: This plan was approved by a Tokyo court in June 2018, and gives Mt. Gox’s creditors more time to file claims and receive compensation. It also allows for a more flexible payout system, where users can receive payments in either Bitcoin or Japanese Yen (at a rate of ¥1 = $0.

008). The deadline to file a claim under this plan is October 22nd, 2018.

• The Bitcoin Remission Process: This is being overseen by US-based law firm Klee, Tuchin, Bogdanoff & Stern LLP (KTBS). It is open to US residents who had Bitcoins stored with Mt.

Gox at the time of its collapse, and claims can be made online. The deadline to file a claim is September 24th, 2018.

So far, over 24,000 claims have been filed under the Japanese bankruptcy process, and over 3,000 claims have been filed under the US remission process. It remains to be seen how many of these claims will be successful, and how much money claimants will ultimately receive.

But one thing is clear: the process of getting your money back from Mt. Gox is far from straightforward.

If you’re a Mt. Gox user who lost money in the exchange’s collapse, make sure to do your research and understand which claims process is right for you before filing a claim.

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