Breaking: Mt. Gox Trustee Extends Repayment Deadline to October 2024
Mt. Gox Rehabilitation Trustee has once again extended the deadline for repayments to its creditors.
The bankrupt crypto exchange has changed the deadline of the Base Repayment, the Early Lump-Sum Repayment and Intermediate Repayment from October 31, 2023 to October 31, 2024.
However, the latest update on Mt. Gox website notes that the rehabilitation creditors who have provided the Trustee with the necessary information will receive repayments in sequence as early as the end of this year.
Breaking: Mt Gox Rehabilitation Trustee has changed the deadline of the Base Repayment, the Early Lump-Sum Repayment, and the Intermediate Repayment from October 31, 2023 to October 31, 2024. https://t.co/2JcPVQ2Njr pic.twitter.com/HnqQ8Zdvpe— Wu Blockchain (@WuBlockchain) September 21, 2023
Mt.Gox Owes Creditors Over $4.5 Billion in Crypto and Yen
Mt.Gox, originally set to repay its creditors by the end of October 2023, will be delaying payments to most of its creditors, as per the latest update.
The Japanese bitcoin exchange had lost 850,000 BTC in a hack in 2011, 4% of 21 million bitcoin that will ever be in existence.
The exchange that facilitated over 70% of all trades filed for bankruptcy in 2024.
However, the exchange managed to recover some of the stolen funds and has formed a repayment plan.
The bankrupt exchange will return more than $5 billion to its creditors, a move that is speculated to have a massive impact on the leading cryptocurrency’s price.
Mt.Gox is set to reimburse its creditors 142,000 BTC ($3.84 billion), 143,000 BCH ($30 million) and 69 billion Yen, worth $465 million at the time of writing.
Creditors have been waiting for over 9 nine years to receive any sort of compensation from the fallen exchange.
The latest update from the exchange’s trustee will make some creditors wait for a year before they can be reimbursed for their losses.