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Mt. Gox Creditors Have More Time To Choose Repayment Method, Register Payee Info

Benzinga · 01/06/2023 11:23

Bitcoin (CRYPTO: BTC) exchange Mt. Gox trustee Nobuaki Kobayashi announced that the deadline for creditors to choose their preferred method of repayment and register their payee information has been extended from Jan. 10 to March 10.

According to the statement, the extension was granted due to the "progress made by rehabilitation creditors" in the selection and registration process.

Kobayashi also urged creditors to complete the necessary steps before the new deadline, warning that those who fail to do so may not receive their repayments or may need to present documents at the exchange's head office to receive them in Japanese yen.

Also read: Wash Trading, A Form Of Market Manipulation, Is High Among Crypto Exchanges

In addition to the extension for repayment selection and registration, the deadline for the base repayment, early lump-sum repayment, and intermediate repayment has also been moved from July 31 to Sept. 30 with permission from the court.

The base repayment method involves the distribution of remaining assets to creditors according to their approved rehabilitation claims.

The early lump-sum repayment method allows creditors to receive a portion of their approved rehabilitation claims in a single payment, while the intermediate repayment method involves a series of payments over a period of time.

Approximately 850,000 BTC were stolen when Mt. Gox was hacked in 2011. In 2014, it found 200,000 tokens. Since then, creditors have been waiting for repayments.

According to Mt. Gox's balance statement from July 2022, 137,000 Bitcoin might be made available to the market.

According to several cryptocurrency analysts, the release of 137,000 BTC might result in increased sell pressure that could drive the price of Bitcoin below the $10,000 threshold.

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