The failed bitcoin exchange, Mt. Gox, announced on Thursday, October 10 that it will extend the repayment period to its creditors until October 31, 2025. This decision was made because some creditors have not yet completed the necessary procedures to receive your payments.
In a releaseNobuaki Kobayashi, who is the court-appointed rehabilitation trustee conducting the repayment process, highlighted that the majority of creditors have complied with the processes of basic repayment, but some face problems during payment.
“Many rehabilitation creditors have not yet received their refunds because they have not completed the necessary paperwork to receive them. Furthermore, a considerable number of rehabilitation creditors have not received their payments for various reasons, such as problems that arose during the payment process,” Kobayashi noted.
Kobayashi does not represent MtGox as a corporate entity. Generally, you are responsible for managing and distributing funds according to the established rehabilitation plan, acting as a legal administrator of the reimbursement process, and not as a direct representative of the company. This private attorney was appointed by the court as a rehabilitation trustee specifically for the Mt. Gox case. Its main task is to supervise the rehabilitation and manage payments to creditors under judicial supervisionalthough he does not have the status of public official.
The current Mt. Gox wallet contains 44,905 BTCvalued at more than $2.7 billion, according to Arkham Intelligence. This announcement has generated relief in the bitcoin and cryptocurrency community, which feared massive bitcoin sales as a result of the refunds, as reported in CriptoNoticias. During the year, even Mt. Gox moved several hundred million dollars worth of BTC to other wallets.
Mt. Gox, founded in 2010, was one of the first and largest bitcoin exchanges. However, in 2014, suffered a significant collapse due to a series of hacks and operational issuesleading to the bankruptcy of the exchange.
Since then, the process of rehabilitation and repayment to its creditors has been complex and prolonged, marking one of the most significant events in the history of cryptocurrencies.
This new announcement from Mt. Gox reflects the complexity of the legal and financial procedures involved in repaying creditors in the context of cryptocurrencies. The extension of the deadline until 2025 gives more time to both the platform and the creditors to resolve pending issues and ensure that everyone receives what they are entitled to, although this could also indicate a slower process than initially anticipated.
This article was created using artificial intelligence and edited by a human Editor.
