Mt Gox Adjusts Payment Deadline: Details

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In line with recent reports, the trustee recovering funds on behalf of Mt Gox, Nobuaki Kobayashi, has formally adjusted the repayment deadline for the exchange’s creditors, shifting it from October 31, 2023, to October 31, 2024. 

Mt Gox Outlines New Payment Timeline

In a letter issued on September 21, Kobayashi said: “Please note that the schedule is subject to change depending on the circumstances, and the specific timing of repayments to each rehabilitation creditor has not yet been determined.”

Tokyo District Court Allows the Decision

The letter reads: “With the permission of the Tokyo District Court, the Rehabilitation Trustee has changed the deadline of the Base Repayment, the Early Lump-Sum Repayment, and the Intermediate Repayment.”

Furthermore, Kobayashi clarified that rehabilitation creditors “who have provided the Rehabilitation Trustee with the necessary information, repayments will be made in sequence as early as the end of this year.”  

Mt Gox Investors Awaiting Eagerly

Customers of the now-defunct Japanese Bitcoin (BTC) exchange, Mt Gox were reported to be eagerly awaiting the commencement of their repayment process. In February 2014, Mt. Gox halted trading, shut down its website and exchange operations, and filed for bankruptcy protection against its creditors. 

A Detailed Timeline

Subsequently, in April 2014, the company initiated liquidation proceedings. Despite the recovery of 200,000 bitcoins in the aftermath, the exact causes behind their disappearance, which could involve theft, fraud, mismanagement, or a combination of factors, remained unclear initially. As of now, Mt. Gox estate possesses approximately 142,000 Bitcoin, 143,000 Bitcoin Cash, and an amount equivalent to 69 billion Japanese yen.

Previously, the trustee had reached out to the U.S. Department of Justice, seeking information related to Alexander Vinnik. Prosecutors had alleged that Vinnik was involved in the laundering of stolen funds from the defunct exchange.

It is also noteworthy that at the beginning of this year, Mt. Gox postponed the originally scheduled repayment date by two months, as reported by TheCoinRise.

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