The Mt. Gox cryptocurrency exchange continues its restitution efforts, with a new statement outlining the next steps after the closing of its registration window.
In an April 7 statement from its rehabilitation trustee Nobuaki Kobayashi, it was revealed that the deadline for creditors to provide repayment information had passed, and that “base repayment, intermediate repayment and early lump-sum repayments” will continue until Oct. 31, 2023. Potentially, the final deadline may be extended with permission from the Tokyo District Court.
The trustee will carry out necessary preparations for repayments, including confirmation of repayment selection and sharing information with banks, fund transfer providers, cryptocurrency exchanges, or any other custodians involved in repayment. Repayment is expected to take some time.
Mt. Gox shut down in 2014 after being hacked for 850,000 Bitcoin (BTC), and remains the largest cyberattack on a cryptocurrency exchange. Delays have dogged the restitution process, with a legal compensation plan finally approved in 2018. A new claims system was introduced in March 2020, and after the submission deadline was extended to December 2020, creditor claims totaled almost $16 billion, more than the amount available for repayments. In February 2023, Mt. Gox Investment Fund, the largest creditor, chose to take an early payout of 90% of what was owed, rather than wait for a larger payment.
