Rejected Mt. Gox Victims Get Second Chance to Reclaim Lost Bitcoin

Not everyone who used Mt. Gox or even who lost money on the disgraced bitcoin exchange is entitled to receive anything from the civil rehabilitation plan, a recent document posted to the failed exchange’s website reveals.

Approved creditors have the right to dispute the claims of other creditors, who in turn have the right to appeal. Japanese law also provides for “self-approved claims,” but these creditors fall under a different set procedure.

Self-approved claimants also lack the right to vote on various aspects of the civil rehabilitation plan, a power given only to creditors approved by the Rehabilitation Trustee. Victims whose self-approved claims were rejected by other creditors have until May 7th to file an appeal with the Tokyo District Court, who will decide whether the request is valid or not.

The Trustee says that it rejected claims on a few criteria. One, if the balance was zero, the user had no claim. Two, if the bitcoin balance was less than the amount the person claimed, their request was rejected. They’re still able to re-file if they do so within the prescribed time frame. Three, if the Trustee can’t determine whether the user was a Mt. Gox victim or not, the claim is rejected. Presumably, the massive fraud of Mt. Gox attracted fraudulent claims.


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Author: Neo Anderson

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