Creditors of the defunct Bitcoin (BTC/USD) crypto exchange Mt. Gox will have to be a little bit more patient as they await repayments from the Rehabilitation Trustee.
This is because the court has extended the deadline for the selection and registration of a creditor’s preferred repayment method, which include cryptocurrency, bank remittance and fund transfer.
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Registration deadline moved to 10 March 2023
According to an update by the Mt. Gox Trustee Nobuaki Kobayashi, the court has allowed the deadline for creditors to register payee information to be extended. Initially, the selection and registration of this information had been set to end on 10 January, 2023.
However, due to factors such as rehabilitation creditors’ progress, the Trustee elected to seek a delay to the deadline until 10 March 2023. The update reads in part:
“Rehabilitation creditors who have already completed the Selection and Registration do not need to perform the Selection and Registration again and these creditors may change their Selection and Registration up to the new deadline.”
Nonetheless, creditors are urged to avoid making too many revisions to their payee details to help the Trustee complete the confirmation and start with the payouts as soon as possible after 10 March 2023.
The Trustee has reminded all creditors that failing to provide the payee details within the stipulated period will result in them not receiving the payments.
Such creditors may be required to take the applicable documents to the Mt. Gox Co. Ltd. head office or to a designated location, with payments made in JPY (cash).
In relation to when the first of Mt. Gox creditors will receive the payouts, Kobayashi noted a new deadline was now in place. As per the update, base repayments, lump-sum repayments and intermediate repayment deadline has moved from 31 July, 2023 to 30 September, 2023.
Mt.Gox collapsed in February 2014, with the cryptocurrency exchange having descended into bankruptcy following one of the largest hacks in crypto history. Notably, the heist saw roughly 850,000 bitcoins stolen and after a long wait, creditors started filing rehabilitation claims in 2018.