Tokyo court extends deadline for bitcoin repayments

Nobuaki Kobayashi, the trustee overseeing the Mt. Gox rehabilitation process, has received approval from the Tokyo District Court to extend the repayment deadline for the bankrupt exchange’s creditors.

Initially set for October 31, 2023, creditors may now have to wait until October 31, 2024 for the anticipated payout. The decision was revealed in a letter Kobayashi wrote that detailed the adjustments to the timeline for the base, early lump-sum, and intermediate repayments.

Per the announcement, Kobayashi explained that for rehabilitation creditors who have provided the necessary information, sequential repayments will commence as soon as the end of this year.

The Mt. Gox estate currently holds around 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen. Mt. Gox was the leading cryptocurrency exchange that at one point was responsible for over 70% of all BTC trades, before it collapsed after a substantial security breach.

Also published on Medium.