In a recent development, the Rehabilitation Trustee has extended the filing deadline for claims against Mt. Gox by an additional month. The deadline was originally set for March 10th, but now he has been changed to April 6th, 2023.
Mt Gox was once the world’s largest bitcoin exchange, but in 2014 suffered 850,000 BTC lost due to massive hack. Hacking ravaged the cryptocurrency community, Mt. Gox declares bankruptcy Immediately after.
Since then, a long and complicated legal process has been underway to determine how the remaining assets of Mt. Gox should be distributed among its creditors.
Claims for Mt. Gox creditors postponed for another month
March 30, 2020, Japanese court Approved extensionCreate a recovery plan that allows creditors to receive their remaining bitcoins.
However, many creditors struggle to register their claims due to the complicated procedures and the large amount of documentation required. Following this case, the court Expansion Deadlines that provide additional months for creditors to file claims.
Delays in the claims process have frustrated many creditors who have been waiting for years to be compensated for their losses. However, the extension allows them to file claims and receive compensation for lost funds.
The extension of the deadline also affected the planned date of distribution of creditors’ assets.according to Tweetthe distribution date is scheduled for October 31, 2023 instead of the previous September 30.
The Mt Gox case is one of the most high-profile cases in the cryptocurrency industry.
About Mt Gox
Mt Gox reportedly ceased operations in 2014 following a major hacking incident. The theft forced the platform to immediately opt for bankruptcy filing. But before the 2014 incident, the company documented his 2011 hacking incident, which affected about 24,000 creditors.
Some negative events at the company were Civil Rehabilitation This revival has given creditors who lost their money after the platform’s demise hope to get their money back. The move by the Japanese court was also intended to stop the large-scale sale of BTC at the time.
However, creditors are still waiting for refunds, as the courts have always staggered the deadlines for registration of claims. April 2019, the exchange received a similar extension from the trustee, moving the regeneration deadline to October 2019. Therefore, this is not the first time the court has changed the deadline for filing claims.
Creditors can receive 90% of the funds in October or wait for the full amount at the end of the court proceedings.Several creditors have already chosen early payment.
Featured image from Pexels and chart from Tradingview.com