Nobuaki Kobayashi, the Rehabilitation Trustee overseeing the repayment process for Mt. Gox, has officially postponed the repayment deadline for the exchange’s creditors. Initially scheduled for October 31, 2023, the new deadline has been deferred to October 31, 2024. Kobayashi cited the need for more time to verify the necessary information from rehabilitation creditors and to engage in discussions with various stakeholders as the reason for the delay.
In a letter dated September 21, Kobayashi explained that the “time required for rehabilitation creditors to provide the necessary information,” along with the need for the “Rehabilitation Trustee to confirm such information and engage in discussions,” were pivotal factors in extending the repayment deadline. He also cautioned that the “schedule is subject to change,” emphasizing the fluid nature of the repayment process and its susceptibility to various circumstances.
Earlier this year, in April, Kobayashi had announced that the deadline for creditors to submit their repayment data had passed, which had given hope to the victims of the Mt. Gox hack that repayments were imminent. However, the recent announcement may be seen as another delay in a series of postponements that have plagued the repayment process.
The revised schedule is a result of complexities involving discussions and information sharing with banks, fund transfer service providers, and designated cryptocurrency exchanges, all of which are crucial to the repayment process. Furthermore, Kobayashi noted that the schedule is “subject to change depending on the circumstances” and clarified that the exact timing of repayments to each rehabilitation creditor has “not yet been determined.”
The Mt. Gox estate currently holds approximately 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen. The repayment plan outlines that the first 200,000 yen (around $1,520) of each creditor’s claim will be paid in yen. For claims exceeding this amount, creditors have the option to receive 71% in crypto and the remaining 29% in fiat currency.
The Mt. Gox exchange, which once handled over 70% of all Bitcoin trades, collapsed in 2014 following a significant hack in 2011. The incident affected around 24,000 creditors and led to the loss of 850,000 BTC.
