Mt. Gox has issued an ultimatum to its creditors seeking compensation for their losses.

Bitcoin exchange Mt. Gox instructed customers to register and select a payment method by March 10th.

On March 7th, Nobuaki Kobayashi, Mt. Gox trustee, issued a reminder urging investors to register for the compensation before the deadline passes. He also underlined payment methods available for users to choose from.

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The tweet from Nobuaki Kobayashi reads:

All MtGox creditors: the deadline to choose between “Early Lump Sum Payment” and “Final Payment” is March 10. If you haven’t already done so, please log in to to choose your preference.

Creditors can opt for a bank transfer, lump-sum payment, fund transfer through a service provider, or crypto exchange provider.

The deadline for registration was initially set in January before it was extended by two months. The reason for this move is unknown. However, it was seen as a part of the rehabilitation plan that was proposed in October last year.

The announcement is the latest phase of the rehabilitation plan for Mt. Gox creditors, which began in 2018. About 18 months ago, approximately 99% of creditors who suffered losses when the Bitcoin exchange collapsed had approved a draft compensation plan

The repayment may roll out as early as September and is set to run for several years. Mt. Gox Investment Fund, one of the platform’s largest creditors, is expected to receive its funds earliest.

Mt. Gox is one of the first Bitcoin exchanges that launched in 2010. Before it ceased operations abruptly, the firm handled more than 70% of all Bitcoin transactions globally. The company’s creditors lost over 850,000 BTC worth billions of US dollars.

Gile K. - Crypto Analyst

by Gile K. – Crypto Analyst, BitDegree

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