As I mentioned in a previous post I was one of those affected by the crash of Mt.Gox. While I was at the university, and I read about bitcoin I was impressed with the idea of digital money without third parties and I wanted to invest 80€. After some research I decided to put my money in the biggest bitcoin exchange at that moment, Mt.Gox, with the bad fortune that a few days later the exchange would collapse in bankrupt.
As you may know, this year the Tokio District Court issued an order of the commencement of civil rehabilitation proceedings for Mt.Gox. I have received several emails from Mt.Gox with all the information. In this post I want to share with the community the process to claim the funds and also keep you informed when I receive more updates.
Check the balances
On Mt.Gox website there click on Please click here to inquire the wallet balance of your account recorded in the MTGOX database. This button will direct you to a sign in web page.
After entering username and password, the website shows the account balance including all currencies, in my case I had 0.23674097 BTC and 1.56 EUR.
Activate the account
Before filling out the claim form, the user must activate the account. The system requires a two-step authentication setup.
- E-mail address: The email address registered with the MTGOX Bitcoin exchange
- Password: Setup a new password. Must be 12 or more characters and include at least one uppercase letter, one lowercase letter, one special symbol and one number.
- Personal data: First name, last name, middle name(s), actual address, city, state, postal code, country.
- Security questions: Setup two security questions in the event the user forget the password.
Mt.Gox will send a confirmation code to the email address to continue with the setup.
After that it will show a QR code and an authentication code to be used as second factor authentication. Save it on paper and use some app like Google Authenticator to use it.
Fill the proof of rehabilitation claim
Log in with the new password and second factor authentication. Next click on Start the process of filing a proof of rehabilitation claim.
Important information from Mt.Gox:
The account balance recorded in the MTGOX database which has reflected the claim investigations carried out thus far is shown in the filed claim amount in the section "YOUR REHABILITATION CLAIM" below. If you have filed a proof of bankruptcy claim, your information extracted from your proof of bankruptcy claim is shown in the section "INFORMATION ON REHABILITATION CREDITOR" below. Please make a new entry only in the fields you want to revise.
Currencies and balances
There is a list with many currencies and the user must enter the amount that want to claim in each one. By default, the system puts the balances registered in the Mt.Gox database.
List of currencies:
- JPY - Japanese Yen
- USD - US Dollars
- EUR - Euro
- GBP - British Pound
- AUD - Australian Dollar
- CAD - Canadian Dollar
- CHF - Swiss Franc
- PLN - Polish Zloty
- NZD - New Zealand Dollar
- HKD - Hong Kong Dollar
- RUB - Russian Ruble
- NOK - Norwegian Krone
- SEK - Swedish Krona
- DKK - Danish Krone
- SGD - Singapore Dollar
- CZK - Czech Koruna
- INR - Indian Rupee
- CNY - Chinese Yuan
- THB - Thai Baht
- KRW - South Korean Won
Delay damages are computed at the rate of 6% per annum for the period from the date on which the MTGOX Bitcoin exchange stopped operating its cash transaction (i.e., February 26, 2014) until the day before the commencement of the Civil Rehabilitation Proceedings (June 21, 2018).
For instance, when I put 1.56 EUR it adds 0.4 EUR, that is, 6% in 4 years or 26% of the balance.
Next, the user must enter the bitcoin and bitcoin cash he claims (the bitcoin cash is the same quantity of bitcoin). Unlike cash, in this case no delay damages will accrue for the right to claim for return of Bitcoin because such right is regarded as a non-monetary claim.
Are you, or were you, a party to a lawsuit or administrative proceedings to which Mt.Gox is also party, in relation to this rehabilitation claim?
Information for identification purposes
This section is very important, the user must enter the details originally registered in Mt.Gox in order to prove the ownership of the account.
The website states:
As it may become necessary to confirm whether you are a User who was registered with the MTGOX Bitcoin exchange, please accurately enter the details that you registered with the MTGOX Bitcoin exchange, in the language in which you made the original registration (including, but not limited to, the use of Japanese characters (Kanji, Hiragana, or Katakana), Arabic numerals (0-9) and letters of the Roman alphabet). The filing of this proof of rehabilitation claim can be made without providing such information; however, absent such information, if it becomes necessary for the Rehabilitation Trustee to confirm whether you are really a User registered with the MTGOX Bitcoin exchange, your rehabilitation claim could be rejected because the Rehabilitation Trustee is unable to identify you as the User registered with the MTGOX Bitcoin exchange.
Information on rehabilitation creditor:
- Full name
- Contact e-mail address
- Contact telephone number
- Contact fax number
- City, Country
Information of the bank account (account used to fund your account)
- Bank account number
- Name of bank
The website remembers that this bank account will not be used for making the distribution, this is the bank account originally used on Mt.Gox. In my case, this was an old account, but I was able to recover this info because when I made the transfer to Mt.Gox in 2014 they sent me a confirmation email with the transfer details.
Method of payment
The method of payment is the last part of the claim. The right to claim for return cash will be made in cash. On the other hand, the right to claim of return of Bitcoin can be in Bitcoin or cash. The user must enter the preferred method of payment.
However, the website states:
Please note that if payment in Bitcoin is made it is anticipated that (i) payment will be made only through the exchanger designated by the Rehabilitation Trustee and in order for a rehabilitation creditor to receive payment in Bitcoin it will be necessary to register as a user at such designated exchanger; and (ii) it may take a longer period of time to make distribution in Bitcoin pursuant to the rehabilitation plan and the price of Bitcoin may fluctuate during such period of time.