Mt. Gox Extends Repayment Registration Deadline to March 30 – Crypto News – Crypto News
Connect with us
Mt. Gox Extends Repayment Registration Deadline to March 30 Mt. Gox Extends Repayment Registration Deadline to March 30

Cryptocurrency

Mt. Gox Extends Repayment Registration Deadline to March 30 – Crypto News

Published

3 years ago

on

Creditors of the defunct cryptocurrency exchange Mt. Gox have received more time to choose and register how they wish to receive compensation from the company.

according to a documents from the exchange’s trustee Nobuaki Kobayashi, the registration deadline, which was previously set as of January 10, 2023, has been extended to March 10 (Japan time) after receiving approval from the court.

“The deadline for the Selection and Registration was January 10, 2023 (Japan time) but having obtained the permission of the court, the Rehabilitation Trustee has changed the deadline to March 10, 2023 (Japan time), considering various circumstances such as the progress by rehabilitation creditors in respect of the selection and registration,” the trustee wrote.

Gox Moves Compensation Deadline to September 30

Kobayashi urged creditors to complete the registration process before the new deadline, adding that those who failed to complete their selection would not receive compensation or might have to submit additional documents to the company’s head office.

The trustee noted that those who have already registered their selections do not have to do it again. Although they can change their selection before the new deadline, the update discouraged creditors from doing so to make the confirmation process smooth.

Furthermore, the extension affected the distribution deadline as creditors would have to wait longer to receive compensation. The repayment deadline was postponed from July 31 to September 30, 2023.

“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 July 31, 2023 (Japan time) to September 30, 2023 (Japan time) following the change of the deadline for the selection and registration.

Mt. Gox Creditors to Receive Billions

Meanwhile, Mt. Gox became insolvent in 2014 after losing 850,000 bitcoins to hackers. Since then, the company has been working on how to repay affected customers.

The value of BTC stolen from the exchange was worth $473 million at the time of the incident, but the assets are worth over $14 billion at current prices. However, the trustee will not pay 850,000 BTC to creditors since the exchange could not recover the stolen assets.

Nevertheless, creditors are expected to received more than 140,000 BTC, worth around $2.3 billion.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month ,terms,

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending