Mt. Gox creditors now have until March to register for payouts
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(Kitco News) - Nobuaki Kobayashi, the trustee for the Mt. Gox bankruptcy, has announced that the deadline for repayment selection and registration of payee information for its creditors has been moved from Jan. 10 to Mar. 10.
According to Kobayashi, the change was made due to “various circumstances such as the progress by rehabilitation creditors in respect of the Selection and Registration.”
Mt. Gox was one of the leading Bitcoin exchanges in the early days of crypto but was forced to declare bankruptcy in 2014 after a supposed hack that led to the theft of 850,000 Bitcoin. Roughly 200,000 BTC has been recovered since the hack, and the repayment of Mt. Gox creditors has been a slow-motion development since the Civil Rehabilitation Plan was accepted by 99% of them on Oct. 20, 2021. As of July 6, 2022, the Mt. Gox trustee held close to 142,000 Bitcoins.
This latest announcement from Kobayashi means that the repayment to creditors will take even more time as the trustee looks to ensure that everyone who is owed funds can properly submit their claims.
Those who have yet to complete the necessary registration were encouraged to do so as soon as possible as rehabilitation creditors who do not complete their selection and registration by the new deadline will not be able to receive their repayment, the announcement said.
Some creditors may be required to bring the required documents to the head office of MtGox or a location designated by the Rehabilitation Trustee to receive repayment in Japanese yen.
According to the announcement, “The Rehabilitation Trustee will begin confirming the contents of your Selection and Registration, etc., after this point in time in order to make repayment as promptly as possible after March 10, 2023 (Japan time).”
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Creditors have the choice of receiving an early lump sum repayment, repayment for a portion of cryptocurrency rehabilitation claims in cryptocurrency, repayment by bank remittance, or repayment by remittance through a fund transfer service provider.
The new deadline is meant for those who have yet to complete the process while those that have already done so do not need to do anything further at this time. The update also requested that those who already completed the process abstain from making any revisions to their registration unless absolutely necessary to help make the confirmation process go as smoothly as possible.
The change in registration date also means that the repayment dates have been moved from their originally scheduled deadline of July 31 to Sept. 30 of this year. The release of the Mt. Gox Bitcoin remains a primary concern for many crypto traders, as some fear the release of a large number of tokens into the market will lead to a collapse in the price of Bitcoin.