Mt. Gox Says Repayment To Creditors Will Be Completed By October 2023

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• Mt. Gox’s Trustee has concluded the process to register its creditors ahead of repayment. 
• The Trustee will make preparations and conduct the necessary verifications before commencing repayment. 
• The repayment process is expected to be completed by 31 October 2023.

The creditors of Mt. Gox are one step closer to accessing their funds after the defunct Bitcoin exchange’s Trustee concluded the registration process ahead of initiating repayment. The deadline for creditors to register has expired and all creditors are expected to be repaid over the next six months. 

Mt. Gox may extend the repayment schedule 

According to a statement released by the Mt. Gox Trustee, the repayment window is now open. Nobuaki Kobayashi, the Rehabilitation Trustee who is overseeing the repayment process, stated that the commencement of repayment may take some time, on account of all the necessary preparations and verifications that need to be conducted. 

Going forward, the Trustee will engage with banks and crypto exchanges to share information related to the registration and repayment process. Base Repayment, Intermediate Repayment, and Early Lump-Sum Repayment are expected to be completed by 31 October 2023. However, the exact timing of repayment to each rehabilitation creditor is yet to be determined. 

“Please also note that, in consideration of various circumstances, the above deadline might be extended with the permission of the Tokyo District Court, or a different deadline might be set for some of the repayments with the permission of the Tokyo District Court.”

Mt. Gox’s Rehabilitation Trustee.

The latest development in the defunct Japanese Bitcoin exchange’s repayment process comes six months after the Trustee opened the registration window for creditors to provide the necessary information in order to access their funds. Some 10,000 creditors have submitted their preferred mode of repayment (fiat or crypto) and information regarding their bank account/wallet address. 

Source : Ethereum World News