Mt. Gox first repayment date delayed to October 31

abdelaziz Fathi

A deadline for when creditors of the defunct Bitcoin exchange Mt. Gox can register their payment details to receive claims was extended by one month after receiving court permission, the Rehabilitation Trustee Nobuaki Kobayashi announced today.

As detailed in the extension announcement, creditors will have until April 6 to complete the ‘Selection of Repayment Method’. The original deadline for this selection and registration was scheduled for March 10. The extension also applies to ‘Registration of Payee Infomation’. This means that creditors will have four extra weeks to pick their preferred platforms for repayment.

Additionally, October 31 will serve as the new 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,

“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 September 30, 2023 (Japan time) to October 31, 2023 (Japan time) following the change of the deadline for the Selection and Registration,” the announcement reads.

As described in the notice, those who fail to complete the “selection and registration” process before the deadline will not be able to receive such repayments as the early lump sum. They will 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.

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