Mt. Gox repayment window opens until October
The deadline for Mt. Gox creditors to submit their repayment details expired on April 6, opening the repayment window until Oct. 31, 2023.
The repayments might take time, and the period could be extended with permission from the Tokyo District Court.
Mt. Gox creditors’ are set to receive their base, intermediate, and early lump sum repayment by Oct. 31, following the passing of the repayment information submission period.
However, the repayment deadlines might change depending on external factors. The specific repayment time of each rehabilitation creditor is not fixed yet.
According to a letter from Nobuaki Kobayashi, a Mt. Gox rehabilitation trustee, the rehabilitation trustee will prepare to make the repayments accordingly. These include the selection of rehabilitation creditors, registration confirmation, and discussing and sharing information with fund transfer providers, banks, and crypto exchanges. These preparations are expected to cause a delay in the repayment period.
The Tokyo District Court might allow an extension of the repayments’ deadline or set a different deadline for the activity.
Mt. Gox has set up an online system where users can ask for clarification. They can also fill in the inquiry form to make their inquiries without logging into the system. However, verification of users might be hard due to the many inquiries.
Mt. Gox will disburse a portion of the 143 000 BCH ($17.9 million), 69 billion Japanese yen ($523 million), and 142,000 BTC ($3.9 billion). The payment will mix fiat currency and crypto (bitcoin and bitcoin cash).
The first 200 000 yen of each creditor’s demand will be paid in Yen. If their debt exceeds 200 000 yen, and they choose cash and crypto, they will receive 29% cash and 71% crypto after the first payment.
Creditors to miss out on repayments
Users who did not comply with the information submission guidelines will not receive their early lump-sum repayment, bank transfer, the remittance by fund transfer service provider, and virtual currency payment as part of the virtual currency rehabilitation claim.
Creditors who did not complete the information submission process are urged to check the Mt. Gox website to get more guidance from a trustee and complete the process. Any creditor who submitted the wrong payment details is responsible for any errors during the payment.
