Mt. Gox Sets Deadline for Creditors Ahead of Estimated $3,080,678,698 in Bitcoin (BTC) Payout

Creditors of the defunct crypto exchange Mt. Gox are receiving an extended deadline to comply with the requirements needed to receive a payout under the platform’s bankruptcy rehabilitation plan.

Mt. Gox rehabilitation trustee Nobuaki Kobayashi announced that former customers of the exchange have until March 10th (Japan time) to select their repayment method and register the payee information on the Mt. Gox Online Rehabilitation Claim Filing System.

The deadline was previously set on January 10th. 

The announcement says that those who do not complete the process by the deadline will not receive the following:

• Early lump-sum repayment
• Repayment for a portion of cryptocurrency rehabilitation claims in cryptocurrency
• Repayment by bank remittance
• Repayment by remittance through a fund transfer service provider

In its October announcement, the trustee says those who fail to complete the selection and registration requirements on time will have to bring the needed documents to the Mt.Gox head office or another designated place and receive the payout in Japanese yen. 

As of September 30th, Mt. Gox holds 141,686 in Bitcoin (BTC), which will be distributed to creditors. Based on the current price of the leading cryptocurrency at $21,743, the asset is worth around $3.08 billion.

Mt. Gox used to handle over 70% of Bitcoin’s trading volume, but it went bankrupt in 2014 after the platform was hacked.