Mt. Gox Trustee Extends Deadline for Repaying Creditors

For
creditors of the now-defunct Mt. Gox cryptocurrency exchange, Nobuaki
Kobayashi, the trustee overseeing the exchange’s bankruptcy proceedings, has
announced a one-year extension to the deadline for repayment.

Originally
set for October 31, 2023, the new deadline for creditors to receive their funds
has been pushed back to October 31, 2024.

This
extension, granted with the permission of the Tokyo District Court, encompasses
all categories of repayment, including base repayment, early lump-sum
repayment, and intermediate repayment.

The
move is expected to provide creditors with additional time to prepare for the
recovery of their assets.

In
a letter released on September 21, Kobayashi emphasized that repayments to
rehabilitation creditors who have supplied the required information may begin
as early as the end of this year.

However,
he cautioned that the schedule remains subject to change, depending on evolving
circumstances, and the specific timing for each creditor’s repayment has yet to
be determined.

2011
Hack: The Start of Mt. Gox’s Downfall

The
Mt. Gox estate, once a dominant force in the cryptocurrency ecosystem,
currently holds a significant amount of digital assets.

As
of now, it possesses approximately 142,000 Bitcoin (BTC), 143,000
Bitcoin Cash (BCH), and 69 billion Japanese yen (JPY). These assets are
expected to be distributed among the creditors by the ongoing bankruptcy
Bankruptcy

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co
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