The Mt. Gox exchange trustee responsible for paying back the firm’s creditors has officially changed the deadline, extending it for another year. This outcome will not please those whom the defunct crypto exchange still owes money to.
On September 21, Nobuaki Kobayashi, the Mt. Gox trustee and attorney, wrote that he has extended the repayment deadline from October 31, 2023, to October 31, 2024.
Mt. Gox Repayments Delayed
He stated that the extension had been granted with the permission of the Tokyo District Court. Moreover, it extends the deadline for the base repayment, the early lump-sum repayment, and the intermediate repayment.
The letter noted that repayments could be made as early as the end of this year for rehabilitation creditors who have already provided the necessary information.
It stated that they extended the deadline due to time restraints on gathering information from rehabilitation creditors. Confirming information and sharing it with banks and exchanges also caused delays, according to the letter.
“The rehabilitation trustee will not be able to complete the repayments by the deadline of the base repayment, the early lump-sum repayment, and the intermediate repayment, all of which were set for October 31, 2023.”
Mt.Gox holds 142,000 BTC, 143,000 BCH, and 69 billion yen (around $465 million), among others, noted industry observer Colin Wu.
There have been multiple extensions to deadlines for creditors of the failed Tokyo Bitcoin exchange. Selection and registration deadlines were extended first to March 10 and then eventually to April 6, 2023.
Defense With a Calculator
On September 13, Mt. Gox co-founder Mark Karpelès said a scientific calculator he bought in jail was sufficient to prepare a defense.
At the time, he said the calculator was the preferred tool for accounting-related crimes, which helped him prove the company earned more than it spent.
Ripple co-founder Jed McCaleb launched the exchange in 2010. However, Mt. Gox filed for bankruptcy protection in Tokyo in February 2014. This followed the loss of more than 800,000 BTC due to suspicious wallet activity.
Mt. Gox was one of the first crypto exchanges, facilitating more than 70% of all BTC trades at its peak.
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Source: https://beincrypto.com/mt-gox-rehabilitation-trustee-repayment-deadline/