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Mt Gox repayment window has opened, but repayments ‘will take some time’

Crypto Ecosystems • April 7, 2023, 3:34AM EDT

Quick Take

  • The deadline for Mt Gox creditors to provide their repayment information has now passed — opening the window for repayments that should be carried out by Oct. 31, 2023.
  • That said, the repayments will take some time, and the deadline for repayments to be made could be subject to change, the Mt Gox trustee said.

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The deadline for Mt Gox creditors to provide their repayment information has now passed, opening the window for repayments to be made.

The base, intermediate and early lump sum repayments can now be paid out up until the Oct. 31 deadline, according to an April 7 letter from the Mt Gox Trustee.

The Trustee noted that he would carry out the preparations to make the repayments, coordinating with the list of financial institutions — including crypto exchanges — that will receive the payments and distribute them to creditors. “In light of this, it is expected to take some time before the repayment is commenced,” the Trustee said.

The Trustee noted that the deadline for making the repayments could be extended with the permission 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.

Payments will be made in a mix of crypto — bitcoin and bitcoin cash — and fiat money. The first 200,000 yen worth of each creditor’s claim will be paid in yen. If their claim is greater than this amount and they choose crypto and cash, they will receive a mix of around 71% crypto and 29% cash after the initial payment.