Mt. Gox Registrations For Repayment Ends

Mt. Gox

The tale of the Mt. Gox digital currency exchange and its creditors continues, with the business issuing a fresh statement about what to anticipate now that its legal registration window has ended. Nobuaki Kobayashi, the rehabilitation trustee of the insolvent exchange Mt. Gox, submitted a fresh letter today on the reimbursements of the seized Bitcoin. In it, Kobayashi reminds creditors that the deadline for submitting payback information expired on April 6, 2023.

After a few years of interruptions, the window for Bitcoin repayments has opened, with payments anticipated to be completed by October 31, 2023. 

Mt. Gox’s Deadline Has Passed

The letter also adds that the reintegration trustee is now preparing for the repayments. As a result, the trustee writes that it is “expected to take a while before the repayment process is commenced.”

Although the specific date of return to individual redevelopment lenders is still being finalized, the base reimbursement, interim repayment, and early lump sum payback are presently set for October 21, 2023. Furthermore, Kobayashi specifies that, if required, the payback date may be extended with the agreement of the Tokyo District Court. 

Surprisingly, the Mt. Gox trustee has chosen Bitstamp, a crypto exchange with headquarters in Luxembourg, as one of four exchanges to assist with repayments. In the last few weeks, Bitstamp has often issued instructions on how creditors should submit claims. The Mt. Gox hack victims would get a total compensation of 141,686 Bitcoin (BTC), around 143,000 Bitcoin Cash (BCH), and 69 billion yen, as per the rehabilitation plan. However, it is still unclear how much will be refunded. Prior to the deadline, creditors had the option of receiving their payment in fiat money or bitcoins.