Creditors of the defunct cryptocurrency exchange Mt. Gox will have to wait even longer to receive their money after the platform’s designated custodian announced a key deadline extension for the compensation timeline.
In particular, Mt. The deadline for registering Gox creditors has been extended from January 10 to March 10, 2023, after obtaining permission from the court, trustee Nobuaki Kobayashi wrote in a letter dated January 6.
Moreover, the dividend period has been pushed for another two months from July 31st to September 30th. In the letter, the director indicated that the decision was due to what he called “various circumstances such as the progress of creditor rehabilitation in terms of selection and registration”.
“Requalification creditors who have already completed selection and registration do not need to complete selection and registration again, and these creditors can change their selection and registration until the new deadline,” the official said.
creditor payment plan
Notably, the Jan. 10 deadline set for October 2022 was intended to allow former customers to choose a preferred payment system. Some of the payment methods handled by the manager include bank transfer, money transfer service provider, cryptocurrency exchange, or custodian.
It is worth noting that before the February 2014 crash, Mt Gox was ranked among the world’s leading Bitcoin (BTC) exchanges. The platform’s problems began after losing about 850,000 bitcoins worth about $500 million at the time to unknown hackers.
The incident affected around 24,000 creditors, with reports indicating that only 150,000 of the stolen bitcoins were recovered. Currently, the Mt.Gox incident ranks among the top ten cryptocurrency-related thefts of all time, according to Coinphony research.
Meanwhile, after the compensation plan was introduced, there were concerns that the move would destabilize the market if former customers decided to liquidate. However, the speculation was rejected due to various factors, such as the debtor choosing different payment methods.
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Mt. site. The first refunds for Gox customers that are late through September have appeared on Coinphony.