Mt. Gox Creditors Get More Time for Repayments
Deadline Extended to 2024
The defunct Mt. Gox crypto exchange has announced another extension for repayment of creditors. The deadline has been pushed back from October 2023 to 2024, but some payments may still be made this year. This extension marks the latest development in the protracted efforts to compensate former customers of the exchange, which collapsed in 2014 after losing a significant portion of its Bitcoin and Bitcoin Cash holdings.
Creditors to Receive Full Compensation
In addition to the extended deadline, the trustee overseeing Mt. Gox's rehabilitation process, Nobuaki Kobayashi, has confirmed that creditors will receive full compensation for their lost assets. This includes approximately 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen (approximately $510 million). The exact payment schedule is still being determined, but creditors are expected to receive their funds in a series of installments.
Long-Awaited Compensation
The initiation of the compensation process comes as a relief to creditors who have been waiting for eight years to recover their lost funds. The collapse of Mt. Gox was one of the largest and most infamous incidents in the history of cryptocurrency, and creditors have faced numerous delays and legal challenges in their efforts to obtain compensation.
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