Mt. Gox Announces Substantial Delay in Repayment Plan to Creditors
Mt. Gox, the former leading Bitcoin exchange, has announced a significant delay in its repayment plan to creditors. Learn more about the rescheduling of repayments and the ongoing saga of Mt. Gox.
Posted 2 months ago in Bitcoin
Mt. Gox, a failed Bitcoin exchange, has disclosed a significant delay in its repayment plan to its creditors. The announcement was made by Nobuaki Kobayashi, the rehabilitation trustee for the now-defunct exchange.
The original repayment plan, which included a base repayment, early lump-sum repayment, and intermediate repayment all scheduled for October 31, has now been rescheduled for October 31, 2024. This change was approved by the Tokyo District Court in order to allow more time for rehabilitation creditors to provide necessary details and for the trustee to verify the information and coordinate with banks, fund transfer service providers, and cryptocurrency exchanges.
There is, however, a silver lining. Creditors who have promptly provided the required data may begin receiving their repayments sequentially by the end of this year. The exact timing is still uncertain and the schedule could potentially undergo further adjustments.
Mt. Gox, once the largest Bitcoin exchange in the world, suffered a massive hack in 2014 which led to its insolvency and the loss of approximately 850,000 Bitcoins. Since then, the exchange and its creditors have faced numerous legal battles and extensive delays. The rehabilitation process aims to compensate those who lost funds during the hack.
Last updated 9/21/2023, 10:41:41 AM
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