The creditors of the defunct Japanese crypto exchange Mt. Gox have now been given a two-month extended grace to start and complete their registration on the platform. These registrations qualify each creditor to receive repayments for their funds.
Nobuaki Kobayashi, the Rehabilitation Trustee for Mt. Gox, stated in an announcement dated January 6 that creditors of the exchange can continue to register on the designated platform and qualify to receive their money back.
In an earlier announcement, Kobayashi stated that the deadline for registration was January 10, 2023. With only four days left, the trustee has shifted the date to March 10, 2023.
Mt Gox’s Repayment Plan
Mt. Gox’s insolvency dates back to February 2014, when the exchange suffered a hack that wiped over $460 million worth of bitcoins from its purse. This caused the firm to suspend its trading activities and file for bankruptcy protection in April. For the past nine years, creditors on the platform have had to wait for a possible refund.
In August 2022, reports revealed that Mt. Gox was planning to send 137,000 BTC to affected users. This sparked a series of reactions among crypto community members. One user even said that the platform would not soon distribute the BTC.
Around that same time, Kobayashi issued a public notice to the exchange’s creditors, calling on affected users to make or transfer claims over their funds deposited in Mt. Gox.
In October, the trustee revealed in a court document that creditors could select their desired payment methods on the MTGOX Online Rehabilitation Claim Filing System.
Mt.Gox Extends Base Repayment Deadline
With the latest announcement, anyone yet to follow up with the rehabilitation process has grace until March 10. Those who had completed the process were urged not to perform it a second time or make revisions to the submitted information. The trustee noted that this helps to improve the coordination of the confirmation process.
In addition to moving the deadline for registration two months forward, Kobayashi got the court’s approval to move the deadlines for the base repayment, early lump-sum repayment, and intermediate repayment.
The deadline for these repayments was moved from July 31, 2023, to September 30, 2023.
~ By William A. Frederick ~
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