Mt. Gox Extends Bitcoin Payout Deadline by 2 Months

The Mt. Gox trustee has extended the deadline for financial registration and Bitcoin payouts by an additional two months.

Mt. Gox Updates on 142,000 BTC Distribution – Community Confusion Over “Misunderstanding”

Mt. Gox Reschedules Bitcoin Payout to September 2023

According to a recent announcement by the Mt. Gox asset trustee on January 6th, the deadline for reclaiming Bitcoin (BTC) from the exchange has been pushed back from July 31, 2023, to September 30, 2023.

Additionally, the deadline for registering account information on the MTGOX Online Claims System has been extended from January 10, 2023, to March 10, 2023.

This means Mt. Gox may begin distributing BTC to investors between March 10 and September 30, though the exact start date has yet to be confirmed.

As reported by Coin68, Mt. Gox creditors have the option to claim their compensation either as a lump sum or in periodic payments, choosing between cash or crypto (BTC/BCH) into their respective bank or crypto accounts.

The exact reason for the delay has not been specified, but it is likely due to complications with the creditors' claims registration process. In some cases, creditors have been required to present documentation and proof of asset ownership at Mt. Gox's office in Japan for processing.

Additionally, speculation suggests that the delay may be related to Kraken's withdrawal from the Japanese market. Some creditors used Kraken accounts to register for compensation, but with the platform ceasing services for Japanese users at the end of January 2023, these individuals have had to resubmit their financial information, potentially missing the January 10 deadline.

Mt. Gox, once the leading cryptocurrency exchange handling up to 70% of global Bitcoin trading volume, suffered a major hack in 2014, resulting in the loss of 850,000 BTC, valued at $400 million at the time. This massive breach remains a significant blemish on Bitcoin's and the crypto industry's reputation.

Japanese authorities, where Mt. Gox is registered, have managed to recover 141,686 BTC, now worth approximately $2.3 billion. They also hold about 142,000 BCH, valued at $14.2 million. This entire amount is being held by a trustee and will be returned to Mt. Gox users, commonly referred to as "creditors of the exchange" by the court.