By George Ward
The Mt.Gox repayment registration deadline has been moved to March 2023 by a Japanese court. This development is welcome news for affected creditors of the now-defunct cryptocurrency exchange as it gives them more time to register their claims and receive compensation.
The bankruptcy trustee of Mt.Gox, Nobuaki Kobayashi, announced the extended deadline on January 6. The new timeline is nearly two months longer than the previous January 10 deadline.
This news comes after a Japanese court consented to the timeline change a few days ago. The extended deadline is to give more time to creditors who have yet to register their claims.
The bankruptcy trustee also announced that it would amend the distribution plan for Mt. Gox’s remaining funds. This decision ensures that the funds are distributed equitably among all the creditors.
Rescheduled Registration And Repayment Dates
The Mt. Gox Trustee, Nobuaki Kobayashi, has announced an extension to the deadline for creditors to register their payee information. Initially, this selection and registration were supposed to end on January 10, 2023.
However, The Trustee has decided to push back the deadline until March 10, 2023, based on the creditors’ progress. “Creditors who have completed the Selection and Registration for Rehabilitation do not need to go through this process again and may make changes to their Selection and Registration before the revised deadline.”
Regardless, Creditors should make a few changes to their payee details to help the Trustee complete the confirmation quickly and send out payments on the new deadline date. The Trustee has, however, cautioned that those who do not provide the payee details on time would miss out on the payments.
Creditors may need to bring the necessary documents to the headquarters of Mt. Gox Co. Ltd. or a designated spot, with payments made in Japanese Yen. In the same news, Kobayashi stated that creditors of Mt. Gox can expect to receive their payouts by September 30, 2023.
According to the creditors’ announcement, the lump-sum repayment, intermediate repayment, and basement repayment deadlines have all been pushed back from July 31, 2023.
Delayed But Not Denied
The downfall of Mt.Gox in February 2014 was a significant event in the crypto world. The exchange suffered one of the biggest hacks of all time, resulting in the loss of around 850,000 BTCs.
After a lengthy period, creditors eventually began filing rehabilitation claims in 2018. The new deadline allows them to complete the process without worrying about missing the original deadline.
The Trustee also encourages creditors to maximize the prolonged registration period. The reason is that only creditors who register their claims will be eligible for compensation after the approval of the bankruptcy claims.
Anyone who had BTC with Mt. Gox but has yet to register with the Trustee must do so before the new deadline. Registration before the deadline improves their chances of receiving a portion of the funds when available.
HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.