Cointime

Download App
iOS & Android

Mt. Gox Moves Repayment Registration Deadline to March 10

Validated Media

The creditors of the defunct Japanese crypto exchange Mt. Gox have now been given a two-month extended grace to start and complete their registration on the platform. These registrations qualify each creditor to receive repayments for their funds.

  Source: Shutterstock


Nobuaki Kobayashi, the Rehabilitation Trustee for Mt. Gox, stated in an announcement dated January 6 that creditors of the exchange can continue to register on the designated platform and qualify to receive their money back.

In an earlier announcement, Kobayashi stated that the deadline for registration was January 10, 2023. With only four days left, the trustee has shifted the date to March 10, 2023.

Mt Gox’s Repayment Plan

Mt. Gox’s insolvency dates back to February 2014, when the exchange suffered a hack that wiped over $460 million worth of bitcoins from its purse. This caused the firm to suspend its trading activities and file for bankruptcy protection in April. For the past nine years, creditors on the platform have had to wait for a possible refund.

In August 2022, reports revealed that Mt. Gox was planning to send 137,000 BTC to affected users. This sparked a series of reactions among crypto community members. One user even said that the platform would not soon distribute the BTC.

Around that same time, Kobayashi issued a public notice to the exchange’s creditors, calling on affected users to make or transfer claims over their funds deposited in Mt. Gox.

In October, the trustee revealed in a court document that creditors could select their desired payment methods on the MTGOX Online Rehabilitation Claim Filing System.

Mt.Gox Extends Base Repayment Deadline

With the latest announcement, anyone yet to follow up with the rehabilitation process has grace until March 10. Those who had completed the process were urged not to perform it a second time or make revisions to the submitted information. The trustee noted that this helps to improve the coordination of the confirmation process.

In addition to moving the deadline for registration two months forward, Kobayashi got the court’s approval to move the deadlines for the base repayment, early lump-sum repayment, and intermediate repayment.

The deadline for these repayments was moved from July 31, 2023, to September 30, 2023.

~ By William A. Frederick ~

Comments

All Comments

Recommended for you

  • Barcelona-based Web3 Video Games Startup GFAL Raises $3.2M in Seed Funding to Expand Team and Accelerate Production Plans

    Barcelona-based startup GFAL has secured $3.2 million in seed funding from investors including Supercell Ltd and Mitch Lasky. The company plans to use the funds to expand its team and accelerate its game production plans, which leverage AI and Web3 technology for immersive gameplay. GFAL's Elemental Raiders mobile game soft-launched in March 2023, with plans to build on this for a 2024 launch. CEO Manel Sort expressed gratitude for the investment and excitement to work with former colleagues from Digital Chocolate.

  • BTC falls below $58,000

    Golden Finance reported that according to OKX market data, BTC briefly touched $57,700 and is now trading at $58,581.53, with a daily decline of 7.15%. The market is volatile, so please be prepared for risk management.

  • On-chain content distribution agreement Metale Protocol completes additional $2 million in seed round financing

    Metale Protocol, a content distribution protocol on the blockchain, announced the completion of an additional $2 million seed round of financing. Waterdrip Capital led the investment, with participation from Aipollo Investment and Ultiverse. As of now, the total size of its seed round financing has reached $4 million. Metale Protocol was formerly known as Read2N, a Web3 decentralized reading application. The new funds will be allocated to its content creation fund to stimulate more content creation activities and promote the construction of its protocol as a platform for issuing and distributing content assets on the blockchain.

  • DWF Ventures announces investment in blockchain game developer Overworld

    DWF Ventures announced an investment in Overworld, a chain game developer. Overworld recently announced plans to launch another NFT series, and in addition, Overworld will soon launch the main world arena.

  • Cryptool invests $2 million in digital currency trading platform Bittime

    On May 1st, investment firm Cryptool invested $2 million in cryptocurrency trading platform Bittime in Series A funding. Founded in 2017, Cryptool focuses on first and second-level investments in digital currency, with a total investment of $30 million by 2023.

  • BitVM – The first real path to Bitcoin Layer-2s

    The recent approval of Bitcoin spot ETFs and bullish BTC price action have become a catalyst for heightened interest in the Bitcoin ecosystem. A myriad of projects aiming to improve Bitcoin’s scalability have been introduced in recent times, the most exciting of them being BitVM.

  • Messari ·

    State of Safe Q1 2024

    With over $100 billion of assets stored in 8+ million deployed smart accounts, Safe is one of the go-to solutions for smart contract wallets. Previously called Gnosis Safe, Safe aims to create the standard for ownership with smart accounts.

  • Messari ·

    State of LayerZero Q1 2024

    Though blockchains are designed to be secure, it is difficult to communicate securely between networks. LayerZero is an interoperability protocol that allows secure communication between over 60 networks.

  • BlackRock BUIDL reaches $375 million, surpassing Franklin Templeton to become the largest tokenized Treasury fund

    CoinDesk, on-chain data shows that BlackRock's BUIDL fund grew by $70 million last week, bringing its total size to $375 million, surpassing Franklin Templeton to become the largest tokenized government bond fund.

  • Backed raises $9.5 million in funding round led by Gnosis for tokenization of real-world assets

    Backed, a Switzerland-based tokenized asset issuer, has raised $9.5 million in a funding round led by Gnosis. The company aims to speed up its private tokenization offering and onboard asset managers to blockchain rails with the investment. Tokenization of real-world assets is becoming increasingly popular, with the market for RWAs predicted to reach $10 trillion by the end of the decade. Backed has already issued over $50 million worth of tokenized RWAs, including ERC-20 compatible token versions of exchange-traded funds and individual stocks like Coinbase and Tesla.