Mt. Gox has pushed the repayment deadline again, this time to October 2023. The defunct exchange’s trustee also gave creditors one more month to select their preferred repayment method.
Mt. Gox creditors previously had until March 10 to select their preferred repayment method—whether it’s cash or BTC and BCH (BSV is not available as a repayment option, with the trustee saying he’d sell all the BSV for fiat). The March deadline was itself an extension from the original January 10, 2023, deadline. Trustee Nobuaki Kobayashi had also set the repayment deadline to September 30.
However, in the latest notice to creditors, Kobayashi has pushed both deadlines by one more month.
“…having obtained the permission of the court, the Rehabilitation Trustee has changed the deadline (‘Deadline’) to April 6, 2023 (Japan time), considering various circumstances such as the progress by rehabilitation creditors in respect of the Selection and Registration,” he wrote in a note to creditors.
Those who fail to select their preferred repayment methods will miss out on the early lumpsum repayments, he said.
While he has extended the deadline twice now, the trustee said he doesn’t intend to issue any more extensions “unless there are unavoidable reasons.”
Creditors can select from a few exchanges to receive their refunds, including Luxembourg-based Bitstamp. However, the digital asset exchange has warned potential Mt. Gox creditors that the cash-out may take up to 90 days.
Elsewhere, the largest Mt. Gox creditor intends to HODL its BTC after the repayment. Citing a source within the company who asked not to be identified, media outlet Bloomberg says that the Mt. Gox Investment Fund will not dump its BTC stash immediately after the repayment.
The fund, along with the defunct exchange Bitcoinica, was among the largest Mt. Gox creditors. The two announced weeks ago that they had opted for an early payout in BTC, alleviating fears that trustee Kobayashi would dump billions of dollars worth of BTC to repay them.
Follow CoinGeek’s Crypto Crime Cartel series, which delves into the stream of groups—from BitMEX to Binance, Bitcoin.com, Blockstream, ShapeShift, Coinbase, Ripple,
Ethereum, FTX and Tether—who have co-opted the digital asset revolution and turned the industry into a minefield for naïve (and even experienced) players in the market.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.