2024-10-13
The trustee overseeing the
rehabilitation of Mt. Gox, the defunct cryptocurrency exchange, has announced a
one-year delay in the repayment deadline for creditors.
Originally scheduled for 2024, the new
deadline for distributing the remaining assets is now set for October 31, 2025,
according to a statement published on the exchange's website on October 10.
Notice Concerning Change of Repayments
Deadline
1． Change of
Repayments Deadline
With the exception of certain types of
repayments, the Rehabilitation Trustee has
largely completed the Base Repayment,
Early Lump-Sum Repayment, and Intermediate
Repayment (collectively, the
“Repayments”) for rehabilitation creditors who have
completed the necessary procedures for
receiving repayments and have not encountered
any issues during the Repayments
process.
However, many rehabilitation creditors
still have not received their Repayments
because they have not completed the
necessary procedures for receiving Repayments.
Additionally, a considerable number of
rehabilitation creditors have not received their
Repayments due to various reasons, such
as issues arising during the Repayments process.
As it is desirable to make the
Repayments to such rehabilitation creditors to the extent
reasonably practicable, the
Rehabilitation Trustee, with the permission of the court, has
changed the deadline for the Repayments
from October 31, 2024 (Japan Standard Time)
to October 31, 2025 (Japan Standard
Time).
2． Inquiries
For any inquiries, please log into the
MTGOX Online Rehabilitation Claim Filing
System (i.e., the system accessible via
https://claims.mtgox.com/; the “System”) and use
the inquiry form accessible from the
“FREQUENTLY ASKED QUESTIONS (FAQ)”
button in the upper right corner of the
screen.
You can also make inquiries using the
inquiry form accessible from the URL below
without logging into the System.
However, if any inquiries are made in such manner, we
may not be able to verify the
identities of the inquirers and creditors, which may make it
difficult to respond to such inquiries
smoothly. Accordingly, if possible, please make
inquiries after logging into the
System.
Despite repaying approximately $6
billion worth of assets earlier this year, Mt. Gox-linked crypto wallets still
hold $2.8 billion in Bitcoin. Data from Arkham Intelligence indicates these
wallets contain 44,900 BTC, which remain undistributed.
Once the world's largest cryptocurrency
exchange, Mt. Gox collapsed following a massive hack in 2014. Creditors have
been waiting for nearly a decade to reclaim their holdings, and the
distribution of around $9 billion in recovered assets began this July. However,
many creditors have yet to receive their payments due to procedural issues,
according to the trustee's statement.
Bitcoin prices earlier this year
reacted negatively to news of the pending Mt. Gox asset distribution, as market
participants speculated on the potential sell-off of large amounts of Bitcoin
by creditors. The delay in repayments to 2025 could help ease market concerns
about sudden asset liquidations.
