Mt. Gox must refund 150,000 BTC to its customers starting in September

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Creditors of the defunct bitcoin exchange Mt. Gox will have to wait even longer for their funds after the platform’s designated administrator announced extensions to the clearing deadline.

Notably, Mt. Gox’s creditor registration period has been extended from January 10 to March 10, 2023, after obtaining permission from the court, administrator Nobuaki Kobayashi wrote in a letter on January 6.

In addition, the distribution period has also been extended another two months, from July 31 to September 30. In the letter, the trustee indicated that the decision was due to what he described as “various circumstances, such as the progress of the rehabilitation of creditors with respect to the Selection and Registry.”

“Rehabilitation creditors who have already completed screening and registration do not need to rescreen and register, and these creditors may change their screening and registration until the new due date,” the trustee said.

Repayment plan for creditors

In particular, the January 10 deadline, set in October 2022, was intended to allow former customers to select a preferred payment system. Some of the payment methods that the trustee has in front of him include bank remittance, funds transfer service provider, cryptocurrency exchange, or custodian.

It is worth mentioning that before the crash in February 2014, Mt. Gox was among the top bitcoin exchanges in the world. The platform’s problems started after it lost around 850,000 BTC worth about $500 million at the time to unknown hackers.

The incident affected around 24,000 customers, with reports indicating that only 150,000 of the stolen bitcoins had been recovered. The Mt. Gox incident is currently among the top ten biggest cryptocurrency thefts of all time, according to a Finbold’s research.

At the same time, after the compensation plan was launched, there were fears that the move would destabilize the market if former clients decided to liquidate their coins. However, the fears were allayed due to different factors, such as the debtor’s choice of different payment methods and the surveys carried out among creditors who showed interest in keeping the bitcoin security.

This isn’t the first time customer refunds have been delayed, either, with extensions occurring multiple times in previous years.

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