By The Daily Hodl - 7 months ago - Reading Time: 2 minutes
Mt. Gox Extends Repayment Deadline of Estimated $3,700,000,000+ in Bitcoin (BTC) and Bitcoin Cash (BCH) Payout
Defunct crypto exchange Mt. Gox is extending its deadline to repay about $3.7 billion worth of Bitcoin (BTC) and Bitcoin Cash (BCH) to its creditors.
In a new announcement, Mt. Gox rehabilitation trustee Nobuaki Kobayashi says that the crypto exchange will not be able to make certain repayments by their original deadline of October 31, 2023, and has extended the date by a year.
“The Rehabilitation Trustee will not be able to complete the repayments by the deadline of the Base Repayment, the Early Lump-Sum Repayment, and the Intermediate Repayment, all of which were set for October 31, 2023.
Therefore, with the permission of the Tokyo District Court, the Rehabilitation Trustee has changed the deadline of the Base Repayment, the Early Lump-Sum Repayment, and the Intermediate Repayment from October 31, 2023 (Japan Time) to October 31, 2024 (Japan Time), respectively.”
However, according to Kobayashi, the extension only applies to creditors who failed to disclose necessary information on time – those who did will be paid by the original deadline of October 31, 2023.
“For rehabilitation creditors who have provided the Rehabilitation Trustee with the necessary information, repayments will be made in sequence as early as the end of this year…
On the other hand, for rehabilitation creditors who have not yet provided the Rehabilitation Trustee with the necessary information, the Rehabilitation Trustee continues to request such rehabilitation creditors to provide the necessary information prior to repayments being made, as repayment is not yet in a position to commence.”
Mt. Gox was infamously hacked in 2011 when bad actors gained access to wallets containing BTC and stole 850,000 of the top crypto asset by market cap, worth about $500 million at the time. At today’s prices, that equates to about $22 billion worth of BTC.
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Original source: The Daily Hodl