Mt. Gox Trustee Postpones Creditor Repayment Deadline to 2022 Amid Banking and Crypto Exchange Delays
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Next year will be the new deadline for repaying creditors according to a recent announcement by the Mt. Gox trustee, Nobuaki Kobayashi. Unforeseen delays were caused by ongoing discussions with banks, fund transfer services, and specific cryptocurrency exchanges as explained by Kobayashi.
The initial repayment deadline has become challenging to meet due to these delays.
Mt Gox Repayment Delayed Again: Creditors Await BTC, BCH, and Yen Payments Until 2024 pic.twitter.com/oJHontrXzJ
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The individuals who are expecting reimbursement from Mt. Gox will have to wait until next year, as the necessary arrangements with banks and cryptocurrency services are still being finalized. As a result, the repayment deadline has been pushed back, causing delays.
Due to prolonged discussions with specific payment providers, the original deadline of October 31, 2023, could not be met by Kobayashi. Consequently, the Tokyo District Court granted Kobayashi permission to extend the repayment deadlines.
Kobayashi’s letter outlines the new deadlines, which are October 31, 2024 (in Japan Time) for the base repayment, the early lump-sum repayment, and the intermediate repayment, respectively.
Mt. Gox, Creditors, Await Long-Awaited Repayments, Potential by Year’s End
It is also worth mentioning that Mt. Gox creditors have patiently waited nine years to receive their payments. They are owed a substantial amount in Bitcoin, Bitcoin Cash, and yen. Despite the long delay, creditors who have finished their paperwork might finally see some money by the end of this year.
However, the timeline is not specific, and there are a lot of questions which could affect how much trust creditors have in this whole process.
According to the recent letter, “Rehabilitation creditors who’ve provided the necessary information will start getting repayments, possibly by the end of this year.” However, this timeline isn’t set in stone and might change. Kobayashi also acknowledged a “high volume of inquiries,” potentially causing delays in the rehabilitation team’s responses.
Hence, despite their patience, the extended delay in Mt. Gox creditor repayments could undermine their trust.
While the possibility of receiving payments by year-end offers hope, the uncertainty surrounding the timeline and the acknowledgement of a high volume of inquiries might leave creditors cautiously optimistic, potentially impacting their trust in the rehabilitation process.
