Creditors of the infamous Mt. Gox cryptocurrency exchange have been informed that they must endure yet another year of waiting to recover their funds, provided the exchange doesn’t postpone the deadline once again. The agonizing pursuit of retrieving their Mt. Gox assets continues to be a protracted ordeal for those involved.
Originally scheduled to repay creditors by October 31, 2023, creditors have received notification that the exchange has shifted the repayment deadline to October 31, 2024. This announcement has added to the mounting frustration of those who have been eagerly anticipating the return of their assets.
Breaking: Mt Gox Rehabilitation Trustee has changed the deadline of the Base Repayment, the Early Lump-Sum Repayment, and the Intermediate Repayment from October 31, 2023 to October 31, 2024. https://t.co/2JcPVQ2Njr pic.twitter.com/HnqQ8Zdvpe
— Wu Blockchain (@WuBlockchain) September 21, 2023
The Mt. Gox Rehabilitation Trustee, responsible for managing the distribution of assets, confirmed the extension of the Base Repayment, the Early Lump-Sum Repayment, and the Intermediate Repayment deadlines. This development has left creditors divided, with some who provided comprehensive information set to receive their funds as early as this year, while others face another year of uncertainty.
The latest financial disclosures reveal that the Rehabilitation Trustee currently holds approximately 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen in assets.
Repayments will be issued in the form of BTC, BCH, or Japanese yen, with the initial 200,000 yen being disbursed in the local currency. Subsequent payments will be made in cryptocurrency, should creditors opt for this choice. The cryptocurrency portion of the repayment package consists of 71% coins (BTC and BCH) and 21% fiat currency.
However, these plans remain tentative as Mt. Gox continues to delay its repayment deadlines, leaving creditors fatigued and the cryptocurrency community uneasy about the impending release of a substantial amount of coins.
Having endured nearly a decade of legal battles and uncertainty since the collapse of Mt. Gox, creditors have developed a dark sense of humor, often joking that they may never see their funds with these incessant delays. The prolonged wait only serves to underscore the ongoing challenges in the cryptocurrency industry and the persistent obstacles creditors face in recovering their assets.
Read more:
- Mt. Gox To Recover Funds After More Than 10 Years: Should Investors Be Worried?
- Mt.Gox Postpones Repayment Deadline To October 31
- Mt. Gox Investment Fund To Keep Bitcoin Holdings Rather Than Selling Off
- Mt. Gox Confirms First Payments To Creditors – Important Event To Follow In April