Mt.Gox’s Changes Deadline for Claims and Repayment

03/09/2023 08:29 • Daily Digest • 69 views

On March 9, according to the latest email of Mt.Gox, with the consent of the court, the deadline for application for claims was changed from March 10, 2023 to April 6; The deadline for repayment was postponed from September 30, 2023 to October 31. The email said that it would be difficult to extend the deadline further unless there were unavoidable reasons. At present, the remaining amount to be paid by Mt.Gox is about 142000 BTC, 143000 bit cash (BCH) and 69 billion yen.

Mt.Gox extended the registration deadline of repayment scheme selection to April 6 again

Analysis based on this information:

Mt.Gox, the Tokyo-based bitcoin exchange, has announced a new deadline for submitting claims and repayment in its latest email. According to the email, the deadline to file claims by creditors was changed from March 10, 2023, to April 6, 2023, and the repayment deadline has been shifted from September 30, 2023, to October 31, 2023. However, the email made it clear that it would be difficult to extend the deadline further unless there were unavoidable reasons.

The announcement comes after the Japanese court extended the deadline for Mt.Gox’s rehabilitation plan submission to December 15, 2021, to resolve claims made by the creditors. The infamous bitcoin exchange suffered a massive hack in 2014, where nearly 850,000 bitcoins, worth around $460 million at the time, were stolen. The hack was one of the biggest in the history of cryptocurrency, leading to the collapse of Mt.Gox, which at the time, was handling over 70% of bitcoin transactions in the world.

Mt.Gox has been in the process of paying back its creditors after the court approved the company’s civil rehabilitation plans in 2018. The plans included paying creditors in bitcoin instead of fiat currency, which would have left creditors with far less money than the actual value of their claims. According to the latest email from Mt.Gox, the remaining amount to be paid is about 142,000 BTC, 143,000 Bitcoin Cash, and 69 billion yen ($626 million).

The delay in the timeline for the claims and repayment could be due to the complexities of the rehabilitation process, which involves several stakeholders, including the court-appointed trustee, the creditors, and the bitcoin community. The delay could also be because of the complications arising from the fluctuation of cryptocurrency valuation.

In conclusion, the extension of the deadline for claims and repayment by Mt.Gox suggests that the rehabilitation process is taking longer than expected. While the delay in repayment may cause some frustration among creditors, the fact that the company is making progress towards repayment should be seen as a positive development.

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