Defunct crypto exchange Mount Gox is extending the deadline to return approximately $3.7 billion worth of Bitcoin (BTC) and Bitcoin Cash (BCH) to its creditors.
In a new announcement, Mount Gox rehabilitation administrator Nobuaki Kobayashi says the crypto exchange will not be able to make certain refunds before the original deadline of October 31, 2023, and has extended the date by one year.
“The Rehabilitation Trustee will not be able to complete repayments within the Basic Repayment, Early Lump Repayment and Interim Repayment deadlines, all of which were set for October 31, 2023.
Therefore, the Rehabilitation Trustee, with the permission of the Tokyo District Court, has changed the deadline for basic repayment, early lump sum repayment and interim repayment from October 31, 2023 (Japan time) to October 31, 2024 (Japan time). Time).”
However, according to Kobayashi, the extension only applies to creditors who have not disclosed the necessary information in time; those who did will be paid before the original deadline of October 31, 2023.
“For rehabilitation creditors who have provided the Rehabilitation Trustee with the necessary information, repayments will be made consecutively as early as the end of this year…
On the other hand, for those rehabilitation creditors who have not yet provided the Rehabilitation Trustee with the necessary information, the Rehabilitation Trustee continues to request such rehabilitation creditors to provide the necessary information before making the repayments as the repayment is not yet in a position to commence.”
Mount Gox was infamously hacked in 2011 when bad actors gained access to wallets containing BTC and stole 850,000 of the top crypto assets by market cap, worth around $500 million at the time. At current prices, that amounts to approximately $22 billion worth of BTC.
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