Mt Gox Repayment Window Opens, But Expect Delays in Repayments

Mt Gox Trustee Announces Repayment Plan for Creditors with Deadline Extension Possibility
Mt Gox Repayment Window Opens, But Expect Delays in Repayments

Now that the Mt Gox creditors’ deadline for submitting their payback information has been closed, the window for repayments has been opened.

According to a letter from the Mt Gox Trustee dated April 7, the basic, intermediate, and early lump sum repayments can now be made up until the deadline of October 31. However, the specific timing of repayment has not been determined yet. 

The Trustee stated that he will make the necessary arrangements to complete the repayments, working with the group of financial organizations, including cryptocurrency exchanges, who will accept the payments and disperse them to creditors. 

The Trustee stated that the Tokyo District Court could provide an extension of the repayment date if necessary.

Unknown amounts of the 142,000 BTC ($3.9 billion), 143,000 BCH ($17.9 million), and 69 billion Japanese yen ($523 million) that Mt Gox holds will be distributed.

Payments will be done in a combination of fiat money and cryptocurrencies like bitcoin and bitcoin cash. The first 200,000 yen worth of each creditor’s claim will be paid in yen.

If their claim exceeds this amount and they opt for cryptocurrency and cash, they will eventually receive a mixture of roughly 71% cryptocurrency and 29% cash.

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