Mt. Gox delays payment deadline to October 2023

Mt. Gox has again delayed repayment until October 2023. The trustees of the failed exchange are also giving creditors an extra month to choose their preferred repayment method.

Mt. Gox creditors previously had until March 10 to choose their preferred method of repayment — whether cash or BTC and BCH (BSV was not an option for repayment, and the trustee said he would sell all BSV for fiat currency). The March deadline itself is an extension of the original deadline of 10 January 2023. Trustee Nobuaki Kobayashi has also set a repayment deadline of September 30.

However, in his latest notice to creditors, Kobayashi pushed back both deadlines by a month.

“…after obtaining permission from the court, the Restoration Trustee has changed the closing date (‘Closing Date’) to April 6, 2023 (Japan time), taking into account various circumstances such as the progress of the restoration creditors in selection and registration ,” he wrote in a notice to creditors.

Those who failed to choose their preferred repayment option would miss out on an early lump sum repayment, he said.

While he has now extended the deadline twice, the trustee said he does not plan to extend it again “unless there are unavoidable reasons.”

Creditors can choose to receive refunds from several exchanges, including Luxembourg-based Bitstamp. However, the Crypto asset exchange warned potential Mt. Gox creditors that cashing out could take up to 90 days.

Elsewhere, the largest Mt. Gox creditor intends to HODL its BTC upon repayment. Media agency Bloomberg cited an unnamed source within the company as saying that the Mt. Gox investment fund will not dump its BTC reserves immediately after repayment.

The fund, along with defunct exchange Bitcoinica, is one of the largest Mt. Gox creditors. The pair announced a few weeks ago that they had opted to pay the BTC upfront, alleviating concerns that trustee Kobayashi would dump billions of dollars worth of BTC to pay them back.

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Source of information: Compiled by 0x Information from COINGEEK, the copyright belongs to the author Steve Kaaru, and shall not be reproduced without permission

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