Mt.Gox Extends Deadline for Claims and Repayment with Court Consent

03/09/2023 08:29 • Blockchain Briefs • 71 views

On March 9, according to the latest email of Mt.Gox, with the consent of the court, the deadline for application for claims was changed from March 10, 2023 to April 6; The deadline for repayment was postponed from September 30, 2023 to October 31. The email said that it would be difficult to extend the deadline further unless there were unavoidable reasons. At present, the remaining amount to be paid by Mt.Gox is about 142000 BTC, 143000 bit cash (BCH) and 69 billion yen.

Mt.Gox extended the registration deadline of repayment scheme selection to April 6 again

Analysis based on this information:

Mt.Gox, the renowned bitcoin exchange that filed for bankruptcy in 2014, has extended its deadline for claims and repayment with the consent of the court. In the latest email sent to the users, Mt.Gox announced that the deadline for application for claims has been changed from March 10, 2023, to April 6. Also, the deadline for repayment has been postponed from September 30, 2023, to October 31. However, the email emphasized that there would be no further extensions unless there were unavoidable reasons.

This announcement comes as a relief for the creditors who have been awaiting the repayment of their claims for years. The bankruptcy of Mt.Gox was one of the biggest incidents in the history of cryptocurrency, where hackers had stolen around 850,000 bitcoins, worth over $450 million at the time, from the exchange. The insolvency proceedings and the following investigations have been ongoing for almost seven years now.

In the current scenario, Mt.Gox still owes around 142000 BTC, 143000 bit cash (BCH), and 69 billion yen to its creditors. Most of these claims were filed in bitcoins, and the creditors have been waiting eagerly to receive their share of the remaining assets. The extension of the deadline for claims and repayment provides the creditors with additional time to file their claims and await the repayment.

However, the email also hinted that the extension was not a guarantee for the repayment of all claims. Mt.Gox cited factors such as the amount of assets, the number of creditors, and the procedural time requirement as potential roadblocks that could affect the repayment process. The email urged the creditors to continue supporting the insolvency procedures and provided a link to the website for the submission of the claims.

In conclusion, the extension of the deadline for claims and repayment by Mt.Gox brings a ray of hope for the creditors who are seeking justice after the bankruptcy. Nevertheless, it also serves as a reminder of the risks involved in crypto investments, especially when dealing with unregulated exchanges. The incident highlights the importance of regulatory frameworks for the cryptocurrency industry and the need for greater protection for the investors’ interests.

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Mt.Gox Extends Deadline for Claims and Repayment with Court Consent

Mt.Gox extended the registration deadline of repayment scheme selection to April 6 again

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