Mt. Gox Extends Deadlines, Again

Summary:

Defunct Bitcoin exchange Mt. Gox pushed back the deadlines for claims registration and repayment yet again.The rehabilitation trustee Nobuaki Kobayashi announced April 6 as the new date for claims registration.The repayment timeline was shifted from Sept. 30 to Oct. 31, roughly a months extension.

Defunct Bitcoin exchange Mt. Gox pushed back the deadlines for claims registration and repayment yet again by roughly a month each for both timelines, rehabilitation trustee Nobuaki Kobayashi announced to creditors on Thursday.

Kobayashi’s letter to Mt. Gox creditors said the extensions were finalized after obtaining permission from a court. The latest deadline date for “Selection and Registration” of claims was shifted from Mar. 10 to Apr. 6. Previously, the trustee pushed back the deadline from January to March, EWN reported.

Also, the deadline for repayments was pushed back from September to October.

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 September 30, 2023 (Japan time) to October 31, 2023 (Japan time) following the change of the deadline for the Selection and Registration.

The rehabilitation trustee stressed that another extension is unlikely to happen “unless there are unavoidable reasons”. Kobayashi’s notice to Mt. Gox customers suggested that the focus remains fixed on “making the repayments rehabilitation creditors as early as possible”.

Top Two Mt. Gox Creditors Pick Repayment In Bitcoin

MtGox Investment Funds (MGIF) and defunct crypto exchange Bitcoinica, two of the largest Mt. Gox creditors, picked Bitcoin (BTC) as their preferred repayment option. The other options available to creditors include repayment by bank remittance, early Lump-Sum repayment, and repayment through a money transfer service.

The decision from MGIF and Bitcoinica likely dispelled fears of a market dump following the Mt. Gox payment. If the pair had chosen a non-crypto repayment method, the defunct Bitcoin would likely have to liquidate a huge chunk of its BTC holdings to match the fiat request.

Currently, Mt. Gox has around 142,000 BTC, 143,000 BCH and 69 billion yen owed to creditors after the exchange was hacked in 2014.