Mt. Gox, the now-defunct bitcoin exchange, has postponed its registration deadline for the selection of repayment methods and the registration of payee information.
Mt. Gox’s road to rehabilitation
This is in accordance with the Rehabilitation Plan launched by the Rehabilitation Trustee, Nobuaki Kobayashi, who has changed the deadline from March 10, 2023, to April 6, 2023. This decision was made due to various circumstances, including the progress made by rehabilitation creditors in the Selection and Registration process.
The Rehabilitation Trustee has also changed the Base Repayment Deadline, Early Lump-Sum Repayment Deadline, and Intermediate Repayment Deadline from September 30, 2023, to October 31, 2023, following the change of the deadline for Selection and Registration.
Rehabilitation creditors who have not completed the Selection and Registration process by April 6, 2023, will not be able to receive any repayments. The Mt. Gox bankruptcy case is considered one of the largest bitcoin-related losses in history, with creditors seeking a total of 150,000 bitcoins.
Mt. Gox’s Road to Rehabilitation
Mt. Gox, which was once the world’s largest bitcoin exchange, suffered a massive hack in 2014, leading to the loss of 850,000 bitcoins. Following the hack, the company filed for bankruptcy and began the lengthy process of rehabilitation.
The Rehabilitation Plan, launched by the Rehabilitation Trustee, aims to compensate the creditors who lost their funds in the hack. The plan involves the distribution of remaining assets and the repayment of the lost bitcoins.
The challenges of rehabilitation
The Mt. Gox Rehabilitation Plan has faced several challenges since its launch, including technical difficulties with the online claim filing system, delays in the repayment process, and lawsuits from creditors seeking alternative compensation methods.
The postponement of the registration deadline and the repayment deadline is the latest challenge facing the Rehabilitation Plan. However, the Rehabilitation Trustee remains committed to completing the rehabilitation process and compensating all creditors fairly.
The postponement of the registration deadline and the repayment deadline is a setback for the Mt. Gox Rehabilitation Plan. However, rehabilitation creditors who have not completed the Selection and Registration process should do so as soon as possible to receive their repayments.
The Rehabilitation Trustee remains optimistic about the rehabilitation process and is committed to compensating all creditors fairly.
Source: https://www.cryptopolitan.com/mt-gox-postpones-registration-deadline-what-is-going-on/