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Mt Gox Prepares to Make Repayments by October, Further Delays Expected

1 min
Updated by Ryan James
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The deadlines for the Selection and Registration have expired, and now Mt. Gox is preparing to make repayments.

Mt Gox has issued the notice stating that the deadline for the Selection and Registration has expired. And now, the rehabilitation creditors cannot make changes without the approval of the Rehabilitation Trustee.

The deadlines were extended multiple times, first to Mar. 10 and then eventually to Apr. 6, 2023.

The Trustee will work towards making the Base, Intermediate, and Early Lump-Sum repayments by Oct. 31, 2023. However, the notice reads that the deadline might get extended due to various circumstances with the permission of the Tokyo District Court.

Relief for Mt Gox Investors After 9 Years

Mt Gox Trustees are all set to make their depositors whole with repayments. The notice reads, “Going forward, the Rehabilitation Trustee will carry out the necessary preparations to make the repayment, which include the confirmation of the Selection and Registration made by the rehabilitation creditors, as well as engaging in discussions and sharing information with banks, fund transfer providers and cryptocurrency exchanges or custodians involved in the repayment.”

After Mt Gox filed for bankruptcy in Feb. 2014, the Tokyo District Court appointed Nobuaki Kobayashi as bankruptcy trustee to oversee repayments. The exchange facilitated over 60-70% of all the Bitcoin trades at its peak.

When Mt Gox filed for bankruptcy, Bitcoin traded at around $700. Now, the price has risen by more than 4000%. 

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