Mt. Gox Repayment Deadlines Postponed Till September 2023

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Summary:

• The defunct exchange received court permission to extend repayment deadlines by two months each.
• The latest update will allow users to complete “Selection and Registration” until March 10.
• Repayment Deadline, Early Lump-Sum Repayment Deadline, and Intermediate Repayment Deadlines were extended to September 30 as well. 

Defunct Bitcoin exchange Mt. Gox extended creditor registration and repayment deadlines by two months each after receiving court permission. The Rehabilitation Trustee Nobuaki Kobayashi shared details on the extension in a January 6 announcement. 

According to Kobayashi’s update, creditors will have until March 10 to complete the ‘Selection of Repayment Method’. The extension also applies to ‘Registration of Payee Infomation’. This means that creditors will have two extra months to pick their preferred platforms for repayment. The previous deadline was reportedly set for January 10.

The Rehabilitation Trustee reiterated that the repayment structures include early lump-sum repayment, repayment for a portion of cryptocurrency rehabilitation claims in cryptocurrency, repayment by Bank Remittance, and repayment by remittance through a fund transfer service provider. 

Creditors were also advised to meet the new ‘Selection and Registration’ deadline or risk having to submit documents at the Mt. Gox head office in Japan. 

Additionally, September 30 will serve as the new deadline for base repayment, early lump-sum repayment, and intermediate repayment. The Rehabilitation Trustee secured a court order to push back the deadline from its previous July 31 date, 

Having obtained the permission of the court, the Rehabilitation Trustee has also changed the Base Repayment Deadline, Early Lump-Sum Repayment Deadline, and Intermediate Repayment Deadline from July 31, 2023 (Japan time) to September 30, 2023 (Japan time) following the change of the deadline for the Selection and Registration.

Mt. Gox Bitcoin Hack 

Mt. Gox was once one of the largest Bitcoin trading venues of its time, handling approximately 70% of all BTC transactions at the peak of its dominance. All that changed in February 2014 after a hacker stole over 750,000 Bitcoin valued at roughly $400 million at the time.

The official report said the hacker(s) drained Mt. Gox after stealing access credentials from an auditor. Creditors hope to recover some 100,000 BTC from the repayment process. 

Source : Ethereum World News

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