- Asset distribution to creditors will now begin on October 31st, not September 30th.
- After the 2014 hack of the exchange, creditors have been waiting patiently for compensation.
Creditors of Mt. Gox will now have an extra month to register. There has been a one-month extension given to creditors to submit claims after the notification that the deadline has been pushed back from March 10 to April 6. It’s been a month since the original distribution deadline was extended. Asset distribution to creditors will now begin on October 31st, not September 30th.
The document explained the new timeline by citing factors such as rehabilitation creditors’ progress in regard to selection and registration. Creditors may choose to provide money in a variety of ways. Including a flat amount, bank transfer, fund transfer service, or via cryptocurrency exchange/custodian.
Creditors Waiting For Compensation
After the 2014 hack of the exchange, creditors have been waiting patiently for compensation. At one point, more than 70% of all Bitcoin transactions were processed via the Tokyo-based Mt. Gox exchange. When thousands of Bitcoin were stolen in a cyberattack in 2014, the exchange declared bankruptcy.
Mt. Gox Investment Fund, the biggest creditor of the now-defunct cryptocurrency exchange, opted for a Bitcoin settlement in February rather than wait for a bigger payment after a court struggle, as was previously reported.
Creditors might expect to get 90% of what was owed to them thanks to the early payment. Since that the creditor has likewise elected to be paid in BTC, the bankruptcy trustee need not sell tokens to raise fiat monies for the payment. Because of the new deadline, other creditors have one more month to decide whether to accept the reduced sum now or wait for the full amount to be paid out nine years from now.
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