Mt.Gox Repayment Window Opens, But Repayments Expected to Take Time

The repayment window for Mt Gox creditors has officially opened, allowing them to receive repayments until October 31, 2023. However, the trustee overseeing the repayments has cautioned that the process will take some time to complete.

In an April 7 letter, the trustee stated that preparations will be carried out to coordinate with financial institutions, including cryptocurrency exchanges, to distribute the payments to creditors. The trustee also mentioned that the deadline for repayments could be extended if necessary with the approval of the Tokyo District Court.

Mt Gox is set to distribute an unknown portion of the 142,000 $BTC ($3.9 billion), 143,000 $BCH ($17.9 million), and 69 billion Japanese yen ($523 million) that it holds.

Mt.Gox, which once handled 80 per cent of the world's Bitcoin trade, filed for bankruptcy in early 2014 after a hack was revealed, with some 24,000 customers losing access to their funds.

TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.