Mt. Gox pushes back severance schedule again, this time to March 2023

For Hannah Perez

Mt. Gox’s compensation schedule was delayed by two months, leaving a deadline of September 30, 2023.

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  • Victims of Mt. Gox must continue to wait for compensation
  • New reimbursement schedule will begin in March 2023
  • The deadline for payments was set for September
  • Kraken’s exit from the Japanese market could have motivated the change

The compensation plan for the victims of the defunct cryptocurrency exchange Mt Gox has been delayed again, this time by two months.

The deadline for the first tranche of refunds of Mt Gox moved to September 30, according to a letter of this Friday signed by the trustee of Mt Gox, Nobuaki Kobayashi, and addressed to creditors. Payments are now scheduled to begin on March 10, a date that has also been pushed back by two months.

In an advance notice, published in October 2022, it had been indicated that the payments would begin from January 10 of this year, with a deadline set for July 31, 2023.

As a result of the measure, the creditors of Mt Gox now they will have more time to indicate under which payment method they want to receive their refunds and register the relevant information to receive their payment. Payments will be provided in cryptocurrency, fiat currency, or both, as designated by each creditor.

The statement, which cited the “progress of rehabilitation creditors” in the selection and registration as a reason for the schedule change, urged creditors to complete the necessary steps before the new deadline. As indicated, rehabilitation creditors who do not complete screening and registration within the new deadline will not be able to receive their refunds or, in some cases, will have to bring documents to the exchange’s head office to receive their Japanese yen refunds.

departure from Kraken of Japan could have motivated the schedule change

the victims of Mt Gox they have experienced many severance plan delays since the exchange collapsed nearly 10 years ago. the saga of Mt Gox It began in 2014, when the now-defunct exchange suffered one of the biggest hacks in crypto history, losing nearly 850,000. bitcoins. The event was followed by accusations of fraud and mismanagement.

Mt Goxbased in Japan, filed for bankruptcy after its collapse, then embarked on a civil rehabilitation process that now, after nine years, appears to be coming to an end.

There has been speculation that the latest modification to the refund schedule could be related to the exit from the exchange. Kraken of the Japanese market, as pointed The Block.

Creditors must indicate their exchange accounts if they want to receive their payments in cryptocurrencies, being Kraken a choice among some. However, with the departure of the platform from Japan, those who had chosen this option will now have to modify the information for receiving funds. This means that some users have had to start the registration and verification process on other exchanges, which can take time, in order to provide alternative payment details, as indicated in that report.

Kraken indicated this month that it intended to exit the Japanese market after global layoffs. As he points out The BlockWhile the exit of the exchange from Japan may not affect most creditors, but it could cause problems for users who want to exchange their cryptocurrency for fiat currency and withdraw money to their local bank account.


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Article by Hannah Estefanía Pérez / DailyBitcoin

Picture of Unsplash

CAVEAT: This is an informative article. DiarioBitcoin is a communication medium, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. They may not be appropriate for retail investors, as the entire amount invested could be lost. Check the laws of your country before investing.