Defunct Crypto Exchange Mt. Gox to Set Creditor Repayment Date 'in Due Course'
Creditors have until Sept. 15 to make or transfer a claim.
Sep 1, 2022 at 1:25 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/YLUACEZ3ZNBOXAZDOD3ETH2MTM.jpg)
Mt. Gox will set a repayment date in due course. (CoinDesk)
Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
The distribution of funds to former customers of the defunct crypto exchange Mt. Gox will begin on a repayment date to be set in "due course," according to a notice to creditors released by the Mt. Gox trustee, Nobuaki Kobayashi.
- Creditors are owed 141,686 bitcoin (BTC), 142,846 bitcoin cash (BCH) and 69,776,002,441 yen following a 2014 hack that resulted in the loss of 850,000 BTC.
- "The Base Repayment Deadline is set by the Rehabilitation Trustee with the permission of the court as the date deemed appropriate for repayment and will be set in due course," the document states.
- Creditors have also been given a deadline of Sept. 15 to make or transfer a claim. Claims, transfers or provision of collateral after that date are prohibited and will not be processed by the rehabilitation system, and could result in a delays or a loss of funds.
- All creditors will receive an initial base payment. They can also choose to receive the remainder of their funds through an early lump sum payment or in a later payment, which won't be determined until all other outstanding court proceedings are concluded.
- The as-yet-to-be-determined Base Repayment Deadline is expected to be the same as the early lump sum repayment deadline.
- Repayments made with cash obtained from liquidating Mt. Gox's bitcoin will have a different repayment date since the sale of the cryptocurrency "may take some time."
- Mt. Gox, which at the time was the largest crypto exchange by daily users and trade volume, filed for bankruptcy shortly after the hack.
- Despite rumors to the contrary, no Mt. Gox coins will be released to creditors this week.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
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