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Mt. Gox Bankruptcy: token recovery procedure guide
Mt. Gox Bankruptcy: token recovery procedure guide
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Mt. Gox Bankruptcy: token recovery procedure guide

By Marco Cavicchioli - 1 Sep 2018

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Mt. Gox Bankruptcy: the insolvency administrators will distribute the remaining tokens to the creditors. Anyone who had bitcoins on the exchange at the time of its closure in February 2014 can now request the lost BTCs as well as the corresponding BCHs.

A few days ago, the Mt. Gox Bankruptcy Trustee sent an email with a link to start the recovery process.

Step-by-step procedure

It has to be said that this is only the start-up procedure because it is likely that we will have to wait until 2019 before the tokens are actually distributed to the creditors.

In fact, this first step is to inform the insolvency administrators that the creditors intend to apply for a refund. It is an absolutely necessary step.

Logging in

First of all, once you click on the link, you have to make sure that you still have the access data that you used on the exchange. The username and password, and in case you are not able to remember them there is a special recovery procedure via email.

In this case, you have to remember which email address was linked to your account and make sure you have read access to the messages sent to that address. Otherwise, the procedure cannot be completed.

Google Authenticator

Once logged in with username and password, the system requires the replacement of the old password with a new, stronger one, and the activation of 2-factor authentication (2FA) using the Google Authenticator app.

This step is not immediate, especially for those who are not accustomed to using this App, but it is relatively simple for those who already use it (such as those who used it on Binance).

Confirm data

Once this step is completed, you need to log in again with the new password, and with the temporary code displayed on the Google Authenticator app and at this point, the process is almost finished. In fact, what remains to do is the last operation: confirm all the data already stored in the account or to change them if necessary.

Careful, because in this phase it is necessary to verify that all these data are correct, or alternatively to correct them. This part is to be done with much calm and attention.

Amount of BTC (and BCH)

Once finished, the system will display how many BTCs and BCHs will be received as they are distributed to creditors. At this stage, it is not yet necessary to specify to which addresses the tokens should be sent, because for now, it is only a matter of making the request.

All those who owned bitcoin on Mt. Gox at the time of exchange closure are advised to complete the process as soon as possible so that they can access the following steps in the token recovery process.

If you want there is also a way to make the request offline, shown at the bottom of the page which is accessed from the same link, but the online procedure is much faster.

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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