The creditors of Mt. Gox have one month left to file their claims as the registration deadline has been pushed back.
Creditors have more time
The registration dates for the creditors of Mt. Gox has been postponed by a month. According to the announcement the deadline has been moved from March 10 to April 6, 2023. This gives creditors longer to submit their claims.
In addition, the distribution deadline has also been pushed back by a month. The distribution of assets to creditors now starts on October 31 instead of September 30.
The official report stated various reasons for the postponement of the deadlines. An example of this is the progress of rehabilitation creditors with regard to the selection and registration.
The creditors have been waiting for years for compensation for the losses caused by the stock market hack in 2014. Mt. Gox was a Tokyo-based cryptocurrency exchange that once accounted for over 70% of Bitcoin transactions. In 2014, the exchange was hacked and declared bankrupt after thousands of Bitcoin were stolen.
Mt. Gox Investment Fund
Mt. Gox Investment Fund is the largest creditor of the defunct crypto exchange. It chose to get paid out early in Bitcoin rather than wait longer for an even bigger debt after a legal battle. Due to the early payment, creditors would receive approximately 90% of the amount due. The administrator does not need to sell tokens to acquire fiat funds for the payment, as the creditor has also chosen to be paid in Bitcoin.
The extension of the deadline means that other creditors have another month to decide whether to take the lower amount now or wait another nine years to get the full amount.
The payment of the creditors of Mt. Gox has been in the spotlight for quite some time now. Especially considering that the value of Bitcoin has increased many times since the exchange went bankrupt. There has been speculation about the impact of Mt. Gox on the market when they decide to sell their holdings. However, a Bloomberg report said Mt. Gox have no plans to sell their Bitcoin.