- Registration window closed for repayments
- Repayments are to continue until Oct 31, 2023
- The final deadline may extend with court approval
Mt. Gox’s Cryptocurrency Repayment Saga: What Creditors Can Expect Next
The Mt. Gox cryptocurrency exchange issues take another turn as the registration window for creditor repayments closes, leaving many wondering what to expect in the coming months. The exchange recently issued a statement detailing the next steps in the repayment process, which is far from over.
On April 7, the defunct exchange shared a statement from rehabilitation trustee Nobuaki Kobayashi, informing creditors that the deadline for submitting repayment information – including payee details and payment type – has come and gone.
Source: Mtgox.com
The statement went on to reveal that repayments, categorized as “base repayment, intermediate repayment, and early lump-sum repayments,” are set to continue until October 31, 2023. However, there’s a catch – the final deadline could potentially be pushed back with the Tokyo District Court’s approval.
Source: Mtgox.com
Additionally, the trustee must complete several “necessary preparations” before any repayments can take place. These tasks include confirming creditor selections for repayment and coordinating with various entities involved in the repayment process, such as banks, fund transfer providers, and cryptocurrency exchanges.
This coordination effort means that creditors may face a significant waiting period before their repayments finally begin. As the Mt. Gox saga continues to unfold, creditors are left to ponder the ultimate resolution of this long-standing cryptocurrency exchange debacle.
In other news, a video of Christine Lagarde, president of the European Central Bank (ECB), admitting that the digital euro may have “limited” control over payments has been extensively shared on social media. The video, which was originally part of a “three-week-old prank,” spurred conversations regarding the implications of a centralized digital currency.
