Mt. Gox deadline for repayment registration passed
Mt. Gox trustee, Nobuaki Kobayashi, today told creditors that the deadline to select a repayment method, register payee information online and indicate how they want to receive their repayments, has already passed.
A deadline for when creditors of the defunct Bitcoin exchange Mt. Gox can register their payment details to receive claims was extended multiple times after receiving court permission. As detailed in the last extension announcement, creditors had until April 6 to complete the ‘Selection of Repayment Method’. The original deadline for this selection and registration was scheduled for March 10.
The statement further explains: “Going forward, the rehabilitation trustee will carry out the necessary preparations to make the repayment, which include the confirmation of the Selection and Registration made by the rehabilitation creditors, as well as engaging in discussions and sharing information with banks, fund transfer providers and cryptocurrency exchanges or custodians involved in the repayment. In light of this, it is expected to take some time before the repayment is commenced.”
Additionally, October 31 will serve as the deadline for base repayment, early lump-sum repayment, and intermediate repayment. Having obtained the permission of the court, the business’s Japanese bankruptcy trustee pushed back the deadline from its previous September 30 date.
As described in the notice, those who failed to complete the “selection and registration” process before the deadline will not be able to receive such repayments as the early lump sum. They also forfeit their rights in a portion of the cryptocurrency rehabilitation claims, bank remittance payments, or remittance through a fund transfer service provider.
Kobayashi published additional explanatory materials including a notice concerning the amendment of the rehabilitation plan and acquired permissions. It also contains information on the financial situation of Mt. Gox, the income and expenditure statement, and a guide to the selection of a crypto exchange or custodian.
Bitstamp and BitGo were appointed by Mt. Gox trustee as some of the designated crypto exchanges to assist in the repayment procedures to creditors. Bitstamp has released a complete description of how those affected can register to reclaim their digital assets through the exchange. However, it acknowledged payments may take up to three months to be processed.
A creditor of Mt. Gox can choose their preferred cryptocurrency exchange and register as a user for the receipt of the relevant assets according to the repayment procedures under the rehabilitation plan.
Almost a decade after an attack forced the platform to shut down, Mt. Gox creditors were given the option to choose between bitcoin, cash or Bitcoin Cash to receive repayment. The process could make the frozen crypto assets liquid again, depending on the entitled users’ choices.
