Bitcoin

Breaking: Mt. Gox trustee changes repayment deadline to October 2024

Mt. Gox trustee Nobuaki Kobayashi has officially changed the deadline for paying back the exchange’s creditors from Oct. 31, 2023, to Oct. 31, 2024.

In a Sept. 21 letter, Kobayashi wrote that, with the permission of the Tokyo District Court, he had extended the deadline for the base repayment, the early lump-sum repayment and the intermediate repayment.

Notice concerning the change of repayment deadlines. Source: Mtgox.com

Additionally, Kobayashi explained that, for rehabilitation creditors who have provided the necessary information, repayments will be made in sequence as early as the end of this year.

“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,” Kobayashi added.

Presently, the Mt. Gox estate holds some 142,000 Bitcoin (BTC), 143,000 Bitcoin Cash (BCH) and 69 billion Japanese yen.

Mt. Gox was one of the earliest cryptocurrency exchanges, once facilitating more than 70% of all trades made within the blockchain ecosystem.

Following a major hack in 2011, the site subsequently collapsed in 2014 due to alleged insolvency; the fallout affected about 24,000 creditors and resulted in the loss of 850,000 BTC.

This is a developing story, and further information will be added as it becomes available.

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