The ongoing story of the Mt. Gox cryptocurrency exchange takes another turn as the creditor repayment registration closes.
Mt. Gox, a Tokyo-based Bitcoin (BTC) exchange established in 2010, has closed the creditor repayment registration process.
The news was revealed by Nobuaki Kobayashi, the rehabilitation trustee for the now-defunct crypto exchange.
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Until April 7th, Mt. Gox creditors had a chance to submit their repayment information, such as payee details and payment type.
According to the announcement shared on April 7th, “base repayment, intermediate repayment, and early lump-sum repayments” are scheduled to take place until October 31st, 2023. However, Nobuaki Kobayashi highlighted that, if necessary, Tokyo District Court may grant an extension to this final deadline.
In the statement, Nobuaki Kobayashi stated that he and his team will now work on “necessary preparations” for the repayments to happen. In particular, the team will confirm the repayment choices and communication with banks, fund transfer providers, cryptocurrency exchanges, and other parties involved in the repayment process.
Therefore, Mt. Gox asked customers to be patient, as the beginning of repayments may take some time.
In light of this, it is expected to take some time before the repayment is commenced.
Mt. Gox shuttered its operations in 2014 after falling victim to a hack that resulted in the loss of 850,000 Bitcoin (BTC). Although FTX also lost a significant amount of assets in November 2022, the Mt. Gox exploit still holds the title of the biggest cryptocurrency theft in the history.
It is worth noting that the registration deadline was initially set to March 10th. However, on that day, the company expanded the deadline by one month, citing the complexity of the process and the extensive documentation required.