Mt. Gox Extends Repayment Period for Bitcoin and Crypto Assets by Another Year!

• Rehabilitation creditors providing detailed information to the Mt. Gox trustee may receive repayments as early as the end of 2023.
• According to a letter dated September 21st and signed by Nobuaki Kobayashi, the Tokyo District Court has allowed the Rehabilitation Trustee to extend the deadline for repayments by one more year.
• The Mt. Gox repayment could potentially have an impact on Bitcoin prices, as creditors selling or swapping their assets may influence the market.

Defunct cryptocurrency exchange Mt. Gox has obtained court approval to extend the repayment period by one more year!

Mt. Gox Extends the Timeframe by 1 Year

Defunct cryptocurrency exchange Mt. Gox has secured court approval to extend the repayment period by one more year. However, rehabilitation creditors providing detailed information to the Mt. Gox trustee may receive repayments as early as the end of 2023. The Mt. Gox trustee had previously announced plans to complete repayments to creditors by October 31st of this year.

According to a letter dated September 21st and signed by Nobuaki Kobayashi, the Tokyo District Court has allowed the Rehabilitation Trustee to extend the deadlines for the Basic Rehabilitation, Early Lump-Sum Rehabilitation, and Interim Rehabilitation until October 31, 2024.

“The Rehabilitation Trustee will not be able to complete the repayments of the aforementioned rehabilitation claims by the previously scheduled date of October 31, 2023.”

However, creditors who provide the necessary information may receive repayments by the end of this year. The program’s terms and the specific timing of repayments can vary, potentially causing delays.

Creditors have been waiting for nearly a decade to receive repayments, but Mt. Gox has repeatedly postponed them. The Rehabilitation Trustee had previously announced plans to complete repayments this year, but delays have arisen due to the lack of details and time-consuming negotiations with banks, fund transfer service providers, and designated cryptocurrency exchanges.

Anticipating Momentum in Bitcoin Prices

The Mt. Gox repayment could potentially influence Bitcoin prices, as creditors selling or swapping their assets may lead to significant cryptocurrency movements, often following price declines. However, experts have claimed that this move is unlikely to heavily impact Bitcoin prices. The delay may even contribute to upward momentum in Bitcoin prices.

Currently, there are 142,000 BTC, 143,000 BCH, and other assets on the exchange. BTC is currently trading at $26,910 and is slowly moving towards the psychologically significant $30,000 level.