Mt. Gox Extends Repayment Deadline by 12 Months
The deadline for repayments to creditors of Mt. Gox, the defunct bitcoin exchange, has been pushed back by 12 months. According to a letter from the Rehabilitation Trustee Nobuaki Kobayashi, base, intermediate, and early lump sum repayments can now be made up until October 31, 2024. The original deadline for creditors to provide their repayment information passed in April, but the window for payments was extended. The decision to adjust the repayment schedule was made to allow enough time for rehabilitation creditors to provide essential information and for verification and coordination with banks and crypto exchanges involved in the repayments.
Some Payments Still Expected This Year
Despite the delay, creditors who have already submitted their necessary information might receive repayments by the end of this year. However, the exact timing for each creditor is yet to be determined and subject to change. The Rehabilitation Trustee has urged creditors who haven’t submitted their required information to do so as their repayments cannot begin without it.
The Collapse of Mt. Gox
Mt. Gox, launched in 2010 and once the largest bitcoin exchange worldwide, collapsed in 2014 after losing over 800,000 bitcoins. The platform serviced 70% of all bitcoin trades globally at its peak in 2013. The remaining assets held by Mt. Gox include 142,000 BTC ($3.9 billion), 143,000 BCH ($31.3 million), and 69 billion Japanese yen ($467 million). Creditors will receive a mix of cryptocurrency and cash repayments based on their claims.
Hot Take: Bitcoin Price Bounce Tied to Mt. Gox Repayment Delay Rumors
Rumors of the delayed Mt. Gox repayments have been attributed to bitcoin’s recent price bounce, with a 5% increase over the past week. However, QCP Capital, a crypto trading firm, still predicts that bitcoin will reach $22,000 in October.
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