Mt. Gox creditors will now have one more month to submit their claims.
According to the official announcement, the registration deadline for Mt. Gox creditors has been extended from March 10th to April 6th.
The Rehabilitation Trustee explained in an official document that the move was necessary due to various factors, including “the progress by rehabilitation creditors in respect of the Selection and Registration."
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Apparently, many creditors have found it challenging to register their claims due to the complexity of the process and the extensive documentation required.
The deadline extension will also affect the distribution deadline, which was initially set for September 30th. The creditors were offered various repayment options, such as a lump-sum payment, fund transfer service provider, bank remittance, or crypto exchange or custodian. The document reads:
Having obtained the permission of the court, the Rehabilitation Trustee has also changed the Base Repayment Deadline, Early Lump-Sum Repayment Deadline, and Intermediate Repayment Deadline from September 30th, 2023 (Japan time) to October 31, 2023 (Japan time) following the change of the deadline for the Selection and Registration.
The report comes a few days after Mt. Gox issued an announcement urging creditors to register before March 10th.
Mt. Gox is one of the high-profile cases in the crypto industry. The exchange was once the largest blockchain trading platform, accounting for over 70% of Bitcoin transactions. It was hacked in 2014, leading to the loss of more than 850,000 Bitcoins. The exchange filed for bankruptcy after the incident.
Creditors have been waiting for compensation since then. One of the largest creditors, Mt. Investment Fund, agreed to take an early payout that would see them receive about 10% less of what was due.
Other creditors also have the choice to take the early payout, which will earn them less, or wait to receive the full amount in the next nine years.